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Zoomlion inks share deal
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ZOOMLION, China’s leading construction machinery producer, has signed a deal worth US$340 million to purchase a majority share in farm machinery maker Chery Heavy.
In deals signed on Tuesday, Zoomlion Heavy Industry Science & Technology Development Co, based in Changsha, purchased 1.8 billion shares, or 60 percent of Chery Heavy Industry Co, for 2.08 billion yuan.
Domestic leading private equity firm Hony Capital bought 600 million shares of Chery Heavy for 696 million yuan.
Zoomlion plans to use the acquisition to help modernize China’s farming equipment, Zhan Chunxin, its chairman, said in Beijing yesterday.
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