Sany acquires German truck mixer maker

CHANGSHA -- Sany Heavy Industry, a leading Chinese manufacturer of construction machinery, announced Tuesday that it has fully acquired Intermix GmbH, a German truck mixer maker.

Sany spent 8.1 million euros ($9.78 million)?to buy all of Intermix from its founder Hans-George Stetter on July 19 through its subsidiary Putzmeister, a German concrete machinery manufacturer, according to a statement from Sany.

The acquisition will expand Putzmeister's product portfolio, extend its industry chain and better collaborate with Sany's existing business, the statement said.

Intermix, founded in 1984, is the third-largest manufacturer of truck mixers in the world. It had a sales revenue of 10.1 million euros in 2011.

Sany, Putzmeister and CITIC Private Equity Advisors (Hong Kong) signed an agreement on the merger of the three companies on Jan 20. On April 16, Sany and CITIC PE completed the transfer of Putzmeister shares, with Sany acquiring a 90 percent stake and CITIC PE receiving the remaining 10 percent.