China's Shandong Heavy Industry Group signs US$928 mil. deal to buy stake in Kion Group
September 4, 2012, 5:53 pm TWN
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.