The construction equipment industry, dominated by the US, has a new challenger from the Chinese markets in the form of Sany. Sany Heavy Industry Co., the construction-equipment maker run by China's richest man, employing 70,000 people worldwide with operations in 150 countries and a three quarter turnover of $1.7 billion, agreed to buy German concrete pump maker Putzmeister Holding GmbH in the largest Chinese-German transaction yet.The company competes in China with Caterpillar and hometown rival Zoomlion.Sany and Chinese private equity company CITIC PE Advisors Ltd. will buy 100 percent of Putzmeister for an undisclosed price, according to an e-mailed statement today. Aichtal in Germany 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.Putzmeister has 3,000 employees and sales of 570 million euros ($751 million). Chinese companies are increasingly hunting for European targets. Recently Volvo cars was bought by Chinese auto maker Geely in a $2.7 billion deal in 2010 from Ford. Chinese solar-panel maker LDK Solar Co. plans to buy Germany'sSunways AG (SWW) and Italian luxury-yacht builder Ferretti Group was sold to Shandong Heavy Industry Group-Weichai Group."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, in the statement. Meanwhile closer home in China, due to the current slowdown in infrastructure spending, Sany Heavy has announced that it will lay off 30 percent of its current workforce and impose pay cuts of more than 50 percent on remaining employees as part of its wage reform plan.