Chinese-owned Putzmeister has signed a deal to acquire one of Europe’s leading manufacturers of concrete truck mixers and special mixers, Intermax, in a deal worth $9.8 million.
Founded in 1984 by Hans-Georg Stetter, son of truck mixer pioneer, Georg Stetter, Intermix delivers about 800 machines per year.
Xinhau, the official press agency of the People’s Republic of China, reported that Sany had carried out the deal through its subsidiary Putzmeister, buying Intermix for $9.8 million (8.1 million Euros). Intermix had a sales revenue of $12.2 million (10.1 million Euros) in 2011.
“This acquisition rounds out our portfolio perfectly,” Norbert Scheuch, CEO of Putzmeister Holding said in a statement, saying that the acquisition would strengthen its market position and round out its product line.
Intermix’s technology, service and strategy are consistently geared towards the needs of its international customers, said Scheuch.
Putzmeister was acquired by China’s Sany, in a deal completed in April this year. Putzmeister’s German management has been largely retained.