Weichai Power invests in Kion
Source: Bloomberg News |
September 1, 2012, Saturday
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Print Edition
Print Edition
WEICHAI Power Co, the world's biggest maker of heavy-duty engines, has agreed to invest 738 million euros (US$925 million) in forklift maker Kion Group GmbH in the biggest Chinese investment in a German company.
Kion, which is owned by KKR & Co and Goldman Sachs Group Inc, will sell a 25 percent stake to the engine maker for 467 million euros of new shares, according to a statement yesterday. The Chinese company will also buy 70 percent of Wiesbaden-based Kion's hydraulics unit for 271 million euros. Weichai Power will gain a stake in the world's second-biggest maker of industrial trucks as a Chinese construction slowdown damps demand for its bulldozer engines.
Kion, which is owned by KKR & Co and Goldman Sachs Group Inc, will sell a 25 percent stake to the engine maker for 467 million euros of new shares, according to a statement yesterday. The Chinese company will also buy 70 percent of Wiesbaden-based Kion's hydraulics unit for 271 million euros. Weichai Power will gain a stake in the world's second-biggest maker of industrial trucks as a Chinese construction slowdown damps demand for its bulldozer engines.
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