The_Ideas
moon mona
sany173-186_1.pdf
SANY:Going Global 173
513-058 SANY: Going Global
With this acquisition, we got a global brand. A strategic acquisition can change the global competitive landscape. Whoever owns the "elephant" owns the global system.22
Scheuch shared his views about the benefits of this acquisition: "Putzmeister made SANY even more famous in China, which is SANY's most important battlefield. The second benefit is know-how. We can help them to make their products better in China. Thirdly, we might increase the profitability of Putzmeister because we block the entrance and price erosion. The big benefit is in China."
Founder Schlecht was skeptical about the acquisition until he met with SANY Chairman Liang in the TaUl1Us Mountains near Frankfurt am Main during the second week of January 2012. The meeting with Liang changed his mind. Schlecht was stunned when Liang gave him an oil portrait of himself as a gift. Liang wanted to sign the agreement quickly. He skipped the usual due diligence process and did not even have time for a plant visit. The two businessmen reached an agreement within hours. For the 79-year-old Schlecht, the proposed deal with SANY made sense for four reasons. First, it helped him solve the succession problem, because none of his family members were available to succeed him. Second, he found in Liang a vigorous entrepreneur, cut from the same cloth as himself Third, he was aware that only a Chinese partner with excellent political connections wouJd be able to effectively support Putzmeister in rebuilding its China business. In this respect, it certainly helped that Liang was not onJy on top of the Forbes list of the richest Chinese, but also a member of the 18th National Congress of the Chinese Communist Party. Finally, it was the money. "It exceeded everything we hoped for," said Schlecht.P On January 31, 2012, SANY announced that it had reached an agreement on the acquisition with Putzmeister at the value of €360 million (US$473 million) plus €165 million (US$217 million) in bank debt, equaling a total deal value of €S25 million (US$690 million). SANY would acquire a 90% stake in Putzuteister, and ClTIC Private Equity Advisors (Hong Kong) Co., Ltd. would take 10%. At the press conference, Schlecht and Liang exchanged watches: Schlecht's watch had been a gift from his wife 25 years before, and Liang's watch had been a gift from his son, who had bought it with his first paycheck.
The Integration Plan
Putzmeister's original 2012 sales target was €600 million (US$754 million). Liang increased it to €700 million (US$880 million) after discussion with Scheuch. Putzmeister's 2016 sales target was set at €2 billion (US$2.5 billion), doubling the best sales figure in Putzmeister's history. Liang talked about the differences between Putzmeister and SANY and the key to integration:
The key is to change the mind-set. Putzmeister is a family business. The German management team has a steady management style and doesn't dare to take any financial risks. I told them you are a part of SANY now. There are tremendous opportunities in the Cluna market. And as a listed company, SANY faces great pressure in generating shareholder returns and in developing the business. We not only need to have a steady living, but also grow the business healthily and rapidly. So there is a conflict between maintaining a steady living and achieving growth. This is an urgent issue we need to solve. in principle we don't intend to make changes at Putzmeister. We only sent one person to Putzmeister: a liaison officer for daily operation.P
Scheuch shared his view on the challenges created by the merger:
The main challenge is a cultural difference. We handle problems and manage differently. However, there are two more important differences. We learned to live in a world which goes up and down. The Chinese don't have this experience, and they only think up, up, up. There are a lot of management tools they don't have in their toolbox. This is very difficult. They say,
14
174
513·058 SANY: Going Global
"Why don't you grow more?" and they always overestimate the U.S.and Europe. And I say, "I am not in China. 1 am in a stagnating environment." secondly, corning from such a fast- growing market, the Chinese think, "Put in enough money and resources (they do have so many people), and then it will work." From our point of view, this way to solve problems is a waste of resources.
After the acquisition, Putzmeister maintained independent operation and its original management structure. SANY signed a five-year contract with Scheuch and planned to extend Putzmeister's product lines. Liang noted, "Putzmeister will not only continue to lead the global market in the company's current product lines, but will also broaden its product offerings to become the best provider of other types of equipment. Putzmeister will continue to sell its own products while providing SANY's products to the global market. Rather than decreasing the size of Putzmeister's workforce, SANY intends to create more employment opportunities."25
The parties had hammered out the deal in secret. The takeover news triggered a "state of shock" 26 at Putzmeister headquarters in Aichtal near Stuttgart. Several hundred Putzmeister employees gathered in front of the factory gates to protest the sale to the Chinese. The Putzmeister leadership team lessened the turmoil by assuring them that their jobs were safe and Putzmeister would remain the way it was. After touring the SANY plant, Schlecht emphasized that the acquisition was the best thing that could have happened to Putzmeister. Schlecht was also impressed by the Chinese factories. JIlt is as clean as a whistle there." he said.27
The Decision Issues Liang was very excited about the Putzmeister acquisition. It was SANY's first overseas acquisition
and a milestone in its history. As he prepared for the next management team meeting, he wondered how SANY and Putzmeister could work together effectively at different levels to realize synergy and achieve future goals.
15
..--~----------- -
SANY: Going Global 175
513-058 SANY: Going Global
Exhibit 1a SANY Group Subsidiaries
SANY Heavy Industry Co., Ltd.
~ SANY Heavy Machinery Co., Ltd.
~ SANY Road Machinery Co., Ltd.
~ SANY Mobile Cranes Co., Ltd.
~ Shanghai SANY Technology Co., Ltd.
~ Beijing SANY Heavy Machinery Co., Ltd.
» SANY International Development Limited (SANY Overseas: including 21 overseas subsidiaries)
~ SANY Importacao e Exportacao Da America Do Sul Ltda (SANY Brazil)
~ SANY Germany GmbH
~ SANY America Inc.
~ SANY Heavy Industry India Private Limited
~ SANY Japan Co., Ltd.
~ Putzmeister Holding GmbH
Shanghai SANY Precision Machinery Co., Ltd.
SANY Marine Heavy Industry Co., Ltd.
SANY Energy Heavy Industry Co., Ltd.
SANYHE International Holdings Co., Ltd.
Source: SANY Group website, http:! jwww.5ANYgroup.com/group!zh-cnjaboutjquanqiu.htm. accessed july 31, 2012.
16
176 International Business Strategy
..., I nIlill:l I~ I III I~EI J II· i f 1/111 I 1I II I II I I
.1
f H ! •
• "
i ~l
~, - '"~"~-, ~e-,
I ].
I :1 -( ·1 ~-(I g.c
c,, g,
I " ::0- ".B•<, ~ ~
C>., g, ~ E
I ~f I 0v
~ c,
" I
g,, 1 >- rl !.
z ~ I • '"u ; UJ ~ 1 t i
~~ ~
~ 0- 'I I g
<,
!. <, :2 :
g,
G £ s:
t "it " ~
I .c~ ~ . 1;>-1 c,
<fJ ~. , I
I e
'" I I o
... I ~.'" I I'" or>
~ ~Jl
--.... ------------------------------------~SANY:Going Global 177
513-058 SANY: Coing Global
Exhibit 2 SANY Group's Product Lines
."...- .-...._- .~- . _1_ ..-
'", .-- .~-.~.
Source: SANY Group brochure; http://www.SANYgroup.com/group/en.us/about/group.htm. accessed Iuty 31, 2012.
18
178 International Business Strategy
513·058 SANY: Going Global
Exhibit 3 2012Yellow Table World's Top Construction Equipment Manufacturers
Rank Compllny Last years Country
2011 Construction E quiprnent Share of Total Ranking Sales (U 55 rrillion)
1 cete illar 1 US 35296 19,4% 2 Komatsu 2 JP 21750 12,0°,(, 3 Vollo'n Construction Eeulomen ~ SE 10013 55% 4 Hitadli Condrud!nn Machin" P ~9·7 1:\.5% 5 Liebherr 5 D' 7°30 4.4% 6 Senv 7 CN 7861 4.3%
17nomlion 6 CN 7171 3.9% 8 1Te""x 0 III' " .6% 9 00 n In1rllClH"" KR mn 32% 10 [Juhn neere 1 "' 5372 3.0%11 XCMG 9 CN 52S9' 2.9% 12 JCB 1 UK '3nn 2.4% 13 Kcbelcc r cnstrumon t., llchln 11 P 3°27 2'% 14 CNH 1 S ""76 r'.1% 15 netsc Minlnn end Construdlo 14 Fill 839 2.1% 16 Hwndai H eaw Industries 16 KR 3560 2.0% 17 Liu on 16 CN 2766 1.5% 16 Wirtoen Grou 19 DE 2443 1.3% 19 Shentul 20 CN 2433 1.3% 20 Ilanllo'MJc Crane Grou.... 21 US 216~ 1.2% 21 Oshkosh Ao::eM EnU-j-':'inenteJ 17 US 2052 1.1% 22 Atlas Co co Construction 22 SE 1990 1.1% 23 lonkinn 23 CN i"· 1.1% 24 Sumitomo Heewtndustrles 4 P 1922 1.1% 25 IXGI,\A 25 CN ""-7 1,0% 26 uenjcu 7 FR 1q~ 0.9% 27 Sllndvik Construction 26 SE 1425 0.8% 2" Wl'lncl!r U euscn E 1 79 rn:,% 20 r eeenc 28 P 1'" In.7% 30 Paltnner 31 AT 117" In.I::% 31 Kubcte 4 P 1147 06% 32 Faval Grouo 32 FR 1147 0.6% 33 mann CH lnR1 0.6% 34 Asie'" Industries t; "' 9'" 0.<%J< Buer ," no 27 OW 36 Putzmetster 3' DE 7:0 0.4% 37 BeD Eculoment 41 ZA 698 0.4% 38 KatoWorh 37 JP 674 o.~% 39 Bnert Loncvear 47 US 72 0.3% 40 T eicon 48 IN 560 0.3% 41 FuruksY'lI JP 55.': 0.3% 42 uene 43 IT 533 0.3% 43 Takeuchi 42 JP 498 0.3% 44 Sun\'.tIrO 44 CH '78 0.3% 45 Aichl '0 JP 447 0.2% 46 Chennaonn .6 IJ 447 0.2% 47 H eulotte Grouo 49 FR '27 0.2% 46 Channjin 50 CN 331 49 51:. '8 k N w A '"
0.2%
50 IBEM ,5 IN 320 u %
Tot'l 181840 D:1%
Source: Adapted from Yellow Table 2012; Chris Sleight "Equi ment to 501/ . 51 Issue 3 (April 2012): p.14, accessed through BusinesPs CP, IrltemQtlOnal COllsfnu:tioll2012 Yellow Table, Vol.
s Duree omplete database, July 31, 2012.
19
SANY: Going Global 179
513·058 SANY: Going ClobaJ
Exhibit 4 2012 Equipment Top-SO Percentage Share by Country and by Region
By country
1-----"- JI ....,...~ I ..... "'"-~ ZU~ ....... I - ff....• ,,~- 11.5" ""- ,""-- ....."'"IlK .....,,~~-~E.!!! ZLK-..'~ •-.:.: .... -.nc:. 31,.111, -I::_ ....
...... ....1:::; •--.::
Source: Chris Sleight, "Equipment top SO," [nfemal!olJlll Construction 2012 Yellow Table, Vol. 51 Issue 3 (April 2012): p.13, accessed through Business Source Complete database, July 31, 2012,
20
180
SANY: Coing Clobal 513-058
Exhibit 5 Most Attractive Regions for Construction Equipment lndustry
BRIG countries are considered the most attractive growth regions, rating Significantly better than TRIAD countries
Rating of attractiveness regarding growth potential by key regions CITATIONS FROM STUDY PARTICIPANTS
t':::I,dl• 41: &ntiqusted IIIRl'IlIfiduring baM,, '\ depilrJdancy on stfong oilptjdtlg, fKldI poIi!ksI probhIm! eMn inhitit f10WIh • e-- ::;~-:::_::-=H .H::'7:.- =::=~:v~, l'E\JIOP6 31 1 89 l8I(BVlXfIbIltctJStllfns regulstbnS'III'Umiingfac/MoflRckofgrowillin 1NAFTA 30 TRIAD rridd/e&aX1Otlllccltm, C1J~1J'8/
l i5!UM, ItI'ld ll'H1crl&m BI!IO ill
I fIduc.1tion syttsm'J~~ 1i<i"",,,;;,,...,=,-2:-6 _._ •• ~ • 'Well$~$Uppli&r8Illheal'iy ~I-- .' ~~ """",",,,,,OEM"""',_"" I.i 1- them 10 ChkIa'
I.
Beyond BRIG, Africa and Middle East have also become the upcoming growth prionnes of the construction equipment Industry
Most attractive growth regions beyond BRIC and TRIAD markels [% of all mentions] AFRICA MIDDLE EAST ASEAN LATINAMERICAt) OTHERS
'"25 16~ Fokl'oOi'l';Srui.A~~"III regarded l!lt;seconilmMl anrK:l~rnan:eln LaunAm<ll;ll
~ O1her eO,,"lrh., Ino;\o,l~: _u ..... -c...
INCLIJDlNG: .~INN z.....
• Fa! EII51 • Cenl1llA51a
• Nlmed eOlU1I1lM fnel\llk; -UAE - ....--"'~ - AlgMI1.uan -"",
> l"dcnul.I!;b'jfl!rt!l! I\'IlI5lll11radN!ca.nIry I'IASEAN ~.vdt"9....-
> OIIl~reOll"lr\e, Inelijdt: -Thii~
-""'"
,. SOIiItlA/rkalSltle .nglemosllllrlldlil!l-.....> Nc<tIIA/rlU II ..... .......-rtQlOlI,!; - ""', - EgWl--- "",11~_Bred._,,"IiAIe __
• Source: "Growth Strategies in the Global Construction Equipment Market-Capturing Growth Markets in BRlC and Beyond,"
October 2011, http://www.rolandberger.com/media/pdf/Roland Berger Construction equipment market _20111007.pdf, accessed july 31, 2012. - - - -
21
........_----------- -
SANY:Going Global 181
513-058 SANY: Going Global
Exhibit 6 Regional Ranking of Product Characteristics
Quality, price and replacement services are the most Important characteristics on the market - Rankinqs strongly depend on country
Regional ranking of product characteristics regarding potential to be disting. on the market REGION"'- ~
""'''''' ~a Ou,llty Qu.lIty Price ll:epl,ellmMlt Price OUIIIty, fl p"" , . ,.- P,lee Repl'Cement QUlnty Cow:rage us.ed Qu.lfty tknnlenaJ'ltt costsp.'" equipment.-- MSrlttnllnce local/on..s~e Custorruzation "'" Malll1enance CO&Is locellon·$I!e""- ""'" t ..... ""'"..- Repl.cHftllnl Customiulion LOGlIUon-&lle QUJltty lOQllfM.sile Price.'" service 5erwic.e.-- LocaUon,sffe Mall1lenoo::e Itepf.eement Mamtetlaru Repl.cement Cuslomizalionse... costs .", "'" .'"Customlzallon Prin Prod"" LocaVOO-sl1e PfOdlid range Produe1 range """ """I P",,"" Prod"" Mamlellllnce CuslomlZ8bon Cuslolmzabon Repl.eement""" -"" "". rt.EI Coverage used '''''''" ,.."." Prod"" --to"" ..-equq:>ment ""'".,.,. """"",,- "." """"""'" canponents.- In·1'lousf= c,..,.,. "'" COYefage used In-hollse Govmgeuse<l Coverage used"""""". equipment equipment lXIIllponents equipment equlpIllefIl
."""" ~8oIp I"
Source: "Growth Strategies in the Global Construction Equipment Market-Capturing Growth Markets in BRICand Beyond," October 2011, http://www.rolandberger.com/media/pdf/Roland_BergeCConstruction_equipment_rnarket_ 20111007.pdf, accessed July 31, 2012.
22
--
... _1;;.::8:;:2=- ..... ~_lnternational Business Strateg~y'- _
513·058 SA NY: Coing Global
Exhibit7 Revenue of the Chinese Construction Machinery Industry, 2001-2011
Year Revenue (RMB100
million) 16.7% 38.0% 34.0% 11,7% 9.1% 28.4% 37.2% 24.7% 13.8% 38.2% 14.5%
Growth Rate (0%)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
560 773 1,036 1,157 1,262 1,620 2,223 2,773 3,157 4,367 5,000
Source: 2001 to 2010 revenue data from http:J/news.dlcm,comj2011/08/04/080218141216994_1.shtmli 2011 revenue data from "Revenue of China's Construction Equipment Exceeded RMBSOOBillion in 2011 [in Chinese]," http://w\I\f\.. -,chinaidr.com!ttadenews/2012-03/10602.html. accessed July 31, 2012.
Note: The revenue data excluded export and import data.
Exhibit 8 User Satisfaction Scores of the Top-Two Chinese Brands and Major Foreign Brand in Each Product Category
Product Category No.1 Chinese
Score No.2 Chinese
Score Major Foreign
Score Brand Brand Brand in China
Trailer-mounted concrete pump SANY 83.6 Zoomlion 82.2 Putzmeister 77.8 Concrete mixer truck CAMC 81.2 SANY 75.2 Liebherr 75.3 Concrete batching plants SANY 85.2 Zoomlion 74.8 Liebherr 79.3 Concrete pump truck SANY 859 ZoomHon 75.5 Putzmeister 82.9 Line pump SANY 86.5 Zoomllon 75.7 Putzmeister 82.4 Truck crane XCMG 79.8 SANY 75.9 Liebherr 91.7 Crawler crane SANY 82.5 Zoomllon 73.7 Liebherr 84.6 Roller XCMG 80.6 SANY 77.8 Ingersoll Rand 83.3 Grader DSTG 79.6 SANY 77.8 Caterpillar 75.9 Bulldozer Liugong 84.4 Shantul 74.4 Paver SANY 81.0 Liugong 77.8 Vogele 78.6 Loader XGMA 79.3 SEM 77.8 Rotary drilling rig SANY 88.9 Zoomlion 81.5 Bauer 72.8 Excavator SANY 87.5 Liugong 74.1 Calerpillar 84.8 Source: China Associat~on for QU~lity, "2011 Constr~~tion Equipment User Satisfaction Survey Result: the Rise of Chinese
Brands WIth Higher Competitiveness fin Chinese]," September 26, 2011, http:/ /www.caq.org.cn/html/cse_result/2011~9/26/095327.shtm1, accessed July 26, 2012.
23
_-------------------------------------:S~AN,Y:GOingGlobal
513-058 SANY: Coing Global
Exhibit 9 2015 Target Sales Volume of Major Construction Equipment for Manufacturers in China
Major Product 2015Target Sales Volume (incl. export sales)
2015Target Export Sales Volume
2010Sales Volume
Excavator Loader Bulldozer Grader Tower crane Forklift Roller Paver Wheel crane Crawler crane Concrete mixer truck Concrete pump truck Rotary drilling rig Tunnel boring machine
179,296 226,219 13,911 4,531 43,400 232,409 26,281 3,019 35,411 1,646 35,386 7,964 2,000 70
250,000 300,000 20,000 7,000 100,000 290,000 28,000 5,000 60,000 2,800 70,000 15,000 4,000 100
30,000 40,000 6,000 3,000 10,000 80,000 11,000 800
16,000 1,500 10,000 1,500 800 16
Source: Chen Nengsong, "The 12lh Five-Year Plan for the Construction Equipment Industry in China Released [in Chinese]," September 15, 2011, http://www.ccm-l.com/2011/0915/46912.html.accessedJuly 31, 2012.
Exhibit 10 SANY's Revenue, 2004-2011
Revenue (RMB100 million) 600 ,--------------------
507.76 500 -1------------------
200
• Revenue (RMB100 m1l1lan)
400 -1----------------:;:;=:--
300 -J---------------
100 9,27 25.37
o 2004 2005 2006 2007 2008 2009 2010 2011
Source: SANY website, http://www.SANYhi.com/company/hijzh-cn/about/culture.htm. accessed July 31, 2012.
24
183
International Business Strategy184
513-058
SANY; Going Global
Exhibit 11 Putzmeister Structure
The Putzmeister group is divided into market-technique-fields
Putzmeister Holding GmbH (PMH)
I. I. I. z, 1, .. ,. ..1Jvu_~." ~'lJn'~ PlIl'tm''',1 PiilA:m.ilI4t!l PII~""'~r PJ,lllnl,i!lIllI f'lIIu"";.t,. En...... ,h,1 Cmlcrt1' e-.... CeIlOllt'" C.lll:lett un.... ""...-d Mon" $II1II4 P.wlll"" fldln,,~ T«hn"II!1" h~n.lD' Ill_In!
Cirnr;rt'ln!J ''-toillgy
f'<;tJ f'C'l1 il'<11 ,,' f'uq II'On fl'fn "£C;I,.fA ... "Ill" Plafil.... -- rKh .. lll!lY_ ...- "T1'IK~td~ ..'IIUflI" 21TfIIri. :) I CflflCr.t. , I toluui' ~IIrliIl\llIr'tal-1'SW-.~~.""Cl't ..." _.. "'ltlw>t:J ......" , )Silolllltl"'Jplk""J b~1 -- ~lInJl........ 22 BtIclwlfl ...... , '; Jitrt ,.", pWw 1irJIpIooe1tAlll, PCA
_. '6 TsltN'" " ......
Source: Putzmeister website, http;//wv.'w.putzmeister.com/enu/companystructure.htm. accessed August 7, 2012.
25
&......~----------
SANY: Going Global ~85
513-058 SANY: Going GlobaJ
Endnotes
1 "SANY Heavy Industry Completes Putzmeister Acquisition a Global Market Leader Is Born," SANY Group press release (April 20, 2012), http://www.SANYgroup.com/group/en-us/media/31776_focnews_text.htm. accessed July 31, 2012.
2Nils Klawitter and Wieland Wagner, "Buying Germany's Hidden Champions: Takeover Could Signal New Strategy for China," Der Spiegel online international, February 9, 2012, http://www.spiegel.de/in tema tionalj business I buying-germany-s-hid den-cha mpions-takeover-cou Id-signal- new-strategy~for-china-a-813907.html, accessed February 10, 2012.
3Klawitter and Wagner, "Buying Germany's Hidden Champions."
4 Chris Sleight, "The Yellow Table," tntemntknmt Oms/ruction 44, no. 3 (April 2005): 13, http:// www.khLcom!servlet!file!icon_%20april_05. pdf1ITEM_ENT_lD=23826&ITEM3ERSION-' &COLlSP EC_ENT_ID=42, accessed August 1, 2012.
5Chris Sleight, "Equipment Top 50," III/emlilionnl Canstructian 51, no. 3 (April 2012): 13, accessed through Business Source Complete database, July 31, 2012.
6 Chris Sleight, "ie's Yellow Table-record construction equipment sales," April 2009, http://www.kh1.com/magazines/intemational-construction/ detail/item722861, accessed July 31, 2012.
7 https:/ Iwww.hkgem.com/listing/ prelist/EWPSHlCL-20110902-10.pdf, accessed October 16, 2012, p. 61.
8 "Growth Strategies in the Global Construction Equipment Market-Capturing Growth Markets in BRIC and Beyond," October 2011, http://www.rolandberger.com/media/ pdf/ Roland_BergecConstruction_equipment~O\arket_20111007. pdf, accessed July 31,2012.
9"Growth Strategies in the Global Construction Equipment Market."
10 https:/ /www.hkgem.com/listing/ prelist/EVVPSHICL-20110902-10.pdf,accessed October 16, 2012, p. 62.
1"1 China Association for Quality, "2011 Construction Equipment User Satisfaction Survey Result: the Rise of Chinese Brands with Higher Competitiveness [in Chinese]," September 26, 2011, http://www.caq.org.cn/html/c5e_result/2011-9/26/095327.shtml. accessed July 26, 2012.
12 China Association for Quality, "2011 Construction Equipment User Satisfaction Survey Result."
13 "Revenue of the Construction Equipment Industry in China Exceeded RMB500 billion in 2011 [in Chinese]," http://www.chinaidr.com/tradenews/2012-03/10602.html. accessed July 31, 2012.
14"Su Zimeng: Construction Equipment Industry Faces New Opportunities and Challenges [in Chinese]," /OJ imxstment News, March 12,2012, accessed through lSI Emerging Markets database, July 31, 2012.
15Chen Nengsong, "The 12thFive-Year Plan for the Construction Equipment Industry in China Released [in Chinese]," September 15, 2011,http://www.ccm-l.com/2011/0915/ 46912.html, accessed July 31, 2012.
1611Mysteriouscustomers" are trained investigators who acted as customers to evaluate a company's service.
17 Hermann Simon, "Guest Column: How Germany can compete with China," January 22, 2011, http://blogs.ft.com / beyond -brics/2011/ 01/ '221guest-column-how-germany-can-com pete-w ith- china/ #axzzlkmJ900pO, accessed August 7, 2011.
18Hermann Simon, Hidden Ommpions of tile 21s1 Century: Success Strntegies of Unkllarml World Mnrket Lenders (New York: Springer, 2009).
26
186
513-058
SANY: Going Global
19 Chris Bryant, "China's SANY to Acquire Putzmeister." Fillancial Times, January 30, 2012, http:// www.ft.comj ems! s/O/7aecadOa-4a5e_l1el_al1e_OO144feabdcO,html#axzz22tWQT mBu, accessed August
7,2012.
20"Catalogue for the Guidance of Foreign Investment Industries (Amended in 2011)Jointly Promulgated by the National Development and Reform Commission and the Ministry of Commerce of the People's Republic of China:' http://wwwJdi.gov.cn/pub/FDLEN/Laws/law3nJnfo.jsp?docid=142915. accessed November 22,
2012.
21"SANY Swallowed the 'Elephant' [in Chinese]," http://www.21cbh.com/2012/caijin~329/46500.html/
accessed August 7, 2012. 22 Zhu Zongwen, "SANY Acquired the 'Elephant': Reaching Agreement in Half a Month [in Chinese],"
February 1, 2012, http://www.nbd.COln.cn/articles/2012-D2-01/630964.html. accessed August 7, 2012.
23Klawitter and Wagner, "Buying Germany's Hidden Champions."
" Program, CCJV2,Liang Wengen, interview by Ecollomic Hnlf~Holfr
http://www.sanygroup.com/group/zh--en/media/video.jsp. accessed August 7, 2012.
25"SANY Heavy Industry Completes Putzmeister Acquisition a Global Market Leader Is Born," SA..N'{ Group press release (April 20, 2012), http://www.SANYgroup.com/group/en- us/media/31776_fOl·_news~text.htm, accessed July 31,2012.
26Klawitter and Wagner, "Buying Germany's Hidden Champions."
27Klawitter and Wagner, "Buying Germany's Hidden Champions."
27
............:.....-_--------
