The first financial daily: Sany Heavy Industry's German subsidiary acquired the third largest mixing equipment manufacturer in Europe

Source: *5656 Financial Daily Author: Gu Dong

The German machinery giant Putzmeister, which had just been acquired by Sany Heavy Industry in the first half of the year, began to continue to extend its industrial chain through acquisitions.

According to the announcement of Sany Heavy Industry, on July 19, 2012, German time, the company's holding subsidiary Putzmeister signed the "Equity Transfer Agreement" with Mr. Hans-George Stetter, and invested 8.1 million euros to acquire 100% of the shares of Intermix GmbH held by Hans-George Stetter.

Founded in 1984, Intermix GmbH is the third largest concrete company in EuropeMixer trucksand manufacturers of special mixing equipment. As of December 31, 2011, the company had total assets of approximately EUR 6.13 million and net assets of EUR 3.16 million. For the full year 2011, sales were 10.1 million euros, but EBIT was only 106,000 euros.

However, Sany also disclosed that in 2007, before the financial crisis, Intermix GmbH's annual sales revenue exceeded 30 million euros and EBIT was 2.16 million euros.

Sany Heavy Industry believes that the acquisition of Intermix GmbH will be conducive to enriching Putzmeister's product portfolio, extending the industrial chain, and will form a good synergy with the company's existing business, significantly enhance the company's R&D and innovation capabilities, marketing service level and international brand influence in the field of concrete mixing machinery, and further enhance the internationalization level of the company's concrete machinery.

On April 16 this year, German time, Sany Heavy Industry and Putzmeister shareholders completed the delivery procedures for the equity transfer in Germany, and held 90% of its shares through its indirect holding subsidiary, Sany Germany GmbH. At that time, Liang Wengen, chairman of Sany Heavy Industry, also said that Putzmeister would remain an independent brand within Sany Heavy Industry and have its own management team.

According to the official website of Sany Group, Putzmeister's sales in the first half of the year increased by 10%~15% year-on-year.