Sany is run by China’s richest man who has been eyeing the European market for several years.
The value of the deal has not been disclosed but is rumoured to be worth around £500m.
Putzmeister UK is based in Chesterfield and supplies a series of truck mounted pumps from 16m to 63m, a wide range of trailer mounted pumps and static booms.
The main German business is based in Stuttgart and employs around 3,000 staff delivering sales of up to €1bn.
This will become Sany’s new headquarter for concrete machinery and Norbert Scheuch will remain in his position as the head of Putzmeister under the Chinese owner.
“With this merger Putzmeister and Sany will create a new and global market leader for concrete pumps,” said Liang Wengen, chairman and founder of Sany.
“Putzmeister will remain as an independent brand with its own management within the Sany group.”