Chinese manufacturer Sany Heavy Industry Co. this week assured Putzmeister workers in Germany that they will keep their jobs after Sany’s purchase of the German concrete pump manufacturer led to protests in Germany, Dow Jones Newswires reported. Sany told Dow Jones Newswires in an e-mailed statement that they won’t lay off any employees and, in fact, will hire more.
Sany Heavy Industry and private equity firm Citic PE Avisors Ltd. agreed last week to acquire Putzmeister Holdings for €360 million (about U.S. $474 million). Sany expects the deal to close in the first quarter.
Sany founder and owner Liang Wengen said in a statement that Putzmeister will remain “an independent brand within Sany Heavy Industry” and retain its management. Sany has said it has considered acquisitions in the United States, India and Brazil as well as Europe.
