Sany buys CP Machinery

Shanghai-listed heavy machinery producer Sany Heavy Industry Co announced Tuesday that its subsidiary Sany International Development Ltd has spent $54.9 million to acquire a 100 percent stake in Luxembourg-based CP Machinery Limited, previously owned by China's CITIC Private Equity Funds Management Co.

The deal also brings Sany a 10 percent stake in German concrete pump manufacturer Putzmeister Holding Gmbh, which is owned by CP Machinery, raising Sany's stake in the German company to 100 percent. Sany said the deal has been approved by the National Development and Reform Commission.