Chinese construction equipment manufacturer Sany Heavy Industry has bought privately-owned German concrete pump producer Putzmeister. Terms of the transaction were not disclosed, but some reports have valued it at € 500 million (US$ 657 million). Following the deal, Sany said it intended to make Putzmeister's head office in Aichtal, near Stuttgart, Germany, its new headquarters for concrete machinery outside China. Putzmeister will continue to operate with a "high degree of independence" while Sany will focus on its operations in China, where Putzmeister will be presented as a premium brand. Norbert Scheuch will remain CEO of Putzmeister and will join the Sany executive board.
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