China's Zoomlion acquires Germany's M-Tec
Chinese construction equipment maker Zoomlion Heavy Industry Science & Technology Co. has acquired M-Tec, a German producer of dry mortar equipment. This was according to a statement posted on Zoomlion's website on Wednesday, wrote The Wall Street Journal (WSJ).
The statement also said the transaction was completed on December 20. Financial terms of the acquisition deal were not disclosed. Zoomlion and M-Tec have yet to comment on the said deal, the report said.
Zoomlion is a government-owned company in the Hunan province. The firm is listed on Shenzhen and Hong Kong stock exchanges, the report added.
Of late, Chinese companies have been snapping up German industrial firms to gain access to technology, the report stated. In September 2012, Shandong's Weichai Power Co agreed to acquire a 20% stake in German forklift firm Kion Group. In February 2012, construction equipment maker Sany Heavy Industry Co agreed to take a 90% stake in German concrete-pump manufacturer Putzmeister Holding GmbH. In the same year, Chinese construction machinery maker XCMG Construction Machinery Co bought concrete pump manufacturere Schwing, WSJ reported.