Germany: Sany, the Chinese group, grants employees at Putzmeister, German manufacturer of concrete pumps, job security until 2020

Concern in Germany.  It was in the media that, at the end of January, Putzmeister staff heard that their company was sold by its founder, Karl Schlecht, to Chinese billionaire Liang Wengen, founder of Sany Group (70,000 employees, 12 billion in sales), located in Changsha, China.  Neither the WC nor the IG-Metall was informed.  There was a lot of anger.  “This style is scandalous” railed the Chairman of the WC.  Turmoil was national because Putzmeister is one of Germany’s “hidden champions” and the first heavyweight of the German industry to be taken over by a Chinese group.  The management of the company, quite weakened after the crisis, called upon its Chinese rival – successfully.  To buy Putzmeister, the Chinese lay their wallet wide open, paying €360 million to the accounts of the founder’s foundations and taking over his debt up to €165M.  “It’s a lot more than we expected” Schlecht said.  In a joint press release, the parties rejoiced with the “biggest German/Chinese transaction yet” which should lead to “the creation of the world leader on the concrete pumps market.”  Schlecht wrote, “Liang Wengen (editor’s note: who should join the central committee of the Chinese communist party in October) is one of the most thriving entrepreneurs in China.  Not only does he share our entrepreneurial spirit, he also shares Putzmeister’s views and values.”