CDB provides $340 million loan to Sany Heavy Industry to facilitate its acquisition of Putzmeister Concrete Pumps GmbH

Project narrative

In 2012, China Development Bank (CDB) provided a $340 million loan to Sany Heavy Industry -- a major Chinese manufacturer of construction equipment -- to facilitate its acquisition of a 90% equity stake in Putzmeister Concrete Pumps GmbH (a German company that produces and sells truck mounted concrete pumps, stationary concrete pumps and stationary placing booms as well as truckmixer concrete pumps and truck mixers) for EUR 360 million. The acquisition was completed on April 16, 2012. Sany Heavy Industry and CITIC Industrial Fund jointly funded the acquisition of the 100% equity stake in Putzmeister Concrete Pumps GmbH, of which Sany Heavy Industry contributed EUR 324 million (accounting for 90%) and CITIC Industrial Fund invested EUR 36 million (accounting for 10%). CDB issued a loan worth $340 million (approximately EUR 260 million) to facilitate Sany Heavy Industry's acquisition of the 90% equity stake.