SHANGHAI (Dow Jones)--Chinese construction company Sany Heavy Industry Co. (600031.SH) Wednesday assured workers at German concrete-pump manufacturer Putzmeister Holding GmbH they will keep their jobs after they staged a protest Monday against the takeover of their company. Sany "won't lay off a single employee" following the acquisition, company president Xiang Wenbo said in an emailed statement received by Dow Jones Newswires. Putzmeister's workers "engage in high value-added work. We want to expand the company's product lines and give people work to do," Xiang added. "We not only won't fire people but may in fact hire more." Sany Heavy Industry and private equity firm Citic PE Advisors (Hong Kong) Ltd. --an affiliate of state-owned investment firm Citic Group-- agreed Tuesday to jointly buy Putzmeister Holding for EUR360 million in a deal signalling Sany Heavy's increasing global ambitions. Sany expects the deal to close in the first quarter. Putzmeister, like Sany, makes construction machinery such as concrete pumps mainly used in the building sector. Putzmeister said Sany's financial power will enhance its growth prospects and underpin its competitive edge. "We said from the start that no jobs would be lost with the takeover," a Putzmeister spokeswoman told Dow Jones Newswires. Still, hundreds of Putzmeister workers protested Monday at the company's headquarters in Aichtal, according to media reports. Workers' union IG-Metall said it isn't yet convinced by the new owner's assurances that no jobs are at risk. "We'll only believe it when we have it in black and white," the regional head of IG Metall, Sieghard Bender, told Dow Jones Newswires. Sany's founder and billionaire owner Liang Wengen said in a statement that Putzmeister will remain "an independent brand within Sany Heavy Industry" and retain its own management. Last year, Sany Heavy's President Tang Xiuguo said the heavy-equipment maker was considering acquisitions in Europe, the U.S., India and Brazil. Putzmeister reported EUR570 million in revenue in 2011. Sany Heavy Industry's revenues totaled CNY50.2 billion, or about EUR6 billion, in 2010. -By Andrew Galbraith, Dow Jones Newswires; 8621 6120-1200; andrew.galbraith@dowjones.com --Yvonne Lee in Hong Kong contributed to this story.

What about the US??? Going to keep both the new 125 million dollar Georgia place going with not much business and the Putz Wisconsin factory with not much business??? Two sales forces? Germany may ramp up and send complete units here and no assembly here. Only mounting and service.

Wonder what they will do here?

I wAs told that the Putz guys in Germany where told nobody in Sany or Putz was going to lose their job that goes for USA and Germany. That is what I was told this morning. 

Please let us know when they start making boom parts and wear parts in China

Glad no job losses.

Sorry Todd I kinda read Rusty's mind hehe, serious side it, is great news. I thought it was worded that way.

We had a large buy out in our firm lay off only happened after the crunch, not the merger.

It's ok. I just don't want any negatively. 

GO OLIN PUMPS

It's obvious KS didn't want to be responsilbe for the sacking of Putzmeister personell.

The company was so loyal to its workers it still kept them on a minimal payroll. You'll never hear any complaint from an Putzmeister empoyee as for how they were looked after or what they where offered in the past. It is unfortunate that eventually employees will proboably not be layed off but moreso their hours decreased in an attempt to force some resignations.

As for wear parts they have been coming from korea and china for a while now. Boom components are made in Germany (Grundau facility). They will eventually all be made in China because components manufactured from Germany are very expensive on the global scale. Hence, if components are overpriced the brand would not be able to compete with their competition.

what happened to Sany's plans of building a plant in Cologne, GER?