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China's Shandong Heavy Industry Group signs US$928 mil. deal to buy stake in Kion Group

SHANGHAI -- China's Shandong Heavy Industry Group on Monday signed a 738-million-euro (US$928 million) accord to buy stakes in German forklift maker Kion Group and its hydraulics business, state media said.

Weichai Power, the automotive and equipment manufacturing unit of state-controlled Shandong Heavy Industry, will pay 467 million euros for a 25-percent stake in Kion itself, the official Xinhua News Agency reported.

The unit will spend another 271 million euros for a 70-percent stake in Kion's hydraulics business as part of the deal, it said.

The deal is expected to help Shandong Heavy Industry expand into the international market.

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