銆€銆€China's top construction machinery maker, Zoomlion, signed a purchase agreement with Italy's Compagnia Italiana Forme Acciaio Spa (CIFA) here on Sunday.

銆€銆€Zoomlion, along with Goldman Sachs and two other investors, plans to buy CIFA for 271 million Euros (395.7 million U.S. dollars).

銆€銆€Changsha Zoomlion Industry Science and Technology Development Co. Ltd will pay 163 million Euros for a 60 percent stake in the Italian construction machinery maker.

銆€銆€Goldman Sachs, Mandarin Capital Partners and the Chinese private-equity firm, Hony Capital, will hold the remaining stake.

銆€銆€The deal is expected to give Zoomlion a foothold in foreign markets and boost its overseas sales by combining CIFA's international brands, global sales and distribution network, said Zhan Chunxin, chairman and CEO of Zoomlion.

銆€銆€CIFA, headquartered in Milan, ranks third in the global concrete machinery market.

銆€銆€After the acquisition, Zoomlion is expected to be the largest concrete machinery maker in the global market.

銆€銆€CIFA will keep its management team and brand. Maurizio Ferrari, its board chairman, will keep his post and be deputy president of the new Zoomlion.