Chinese Premier Wen Jiabao and German Chancellor Angela Merkel on Jan. 29 presented at a signing ceremony of the investment agreement between Sany Heavy Industry Co., Ltd. of Hunan and Nordrhein-Westfalen of Germany.

Early in April of 2008, Sany started to prepare for the deal that 100 million euros (131 million dollars) will be invested to build European development center and machinery manufacturing bases covering the whole European market. After the deal being reached, the annual production of construction machinery is expected to be 3000 sets, realizing the sales of 0.35 billion euros with the investment recovery period being 6.93 years. Before that, Sany purchased most of the main parts such as automobile chassis, oil pump, and engine from Europe. The plan to build manufacturing base and do sales in Europe can save large numbers of transport and production cost, take advantages of internationalized resource allocation, and expand market share in Europe.

About Sany

SANY Group Co. Ltd was established in 1989, with associated companies including SANY Heavy Industry Co. Ltd, SANY Heavy Machine Industry Co. Ltd and SANY Auto Manufacture Co. Ltd. SANY Heavy Industry Co. Ltd was established in 1994 and has since become the group's core company. We are one of the mainland's largest manufacturers of large-volume pumps, with achievements that include being the first mainland China manufacturer to produce truck-mounted concrete pumps. We also manufacture concrete placing booms, concrete mixers, excavators, motor graders and vibratory rollers. We currently serve clients in more than 100 countries worldwide, and are publicly traded on the Shanghai Stock Exchange (A-Listed).