(Yicai Global) Aug. 21 -- Grandland Holdings Co., the controlling shareholder of Guangdong-based contractor Shenzhen Grandland Group Co. [SHE:002482], has agreed to acquire Permasteelisa SpA, an Italian maker and installer of architectural envelopes and interior systems, for USD550 million (EUR467 million) in a bid to integrate resources on the curtain wall market.

The holding group said that it currently owns a 39.71-percent stake in Grandland Group, and it will buy a 100-percent stake in the target company from Japanese building material manufacturer LIXIL Group Corp. [TYO:5938].

Founded in 1973, Permasteelisa is a high-end Italian curtain wall contractor and the global leader in this area. It has more than 1,500 designers and engineers, over 50 subsidiaries and 10 factories. Its business network covers 30 countries and regions. It designed architectural envelops for the Sydney Opera House, Apple Park, Taipei 101, the Shanghai World Financial Center and the Hong Kong Global Trade Center, Grandland Holdings said.

Grandland Group specializes in architectural decoration and operates curtain wall businesses in China, said Grandland Holdings. To avoid competing with each other on the Chinese market, Grandland Holdings said it will integrate Permasteelisa's businesses via share offerings and asset acquisition in three years.

"Permasteelisa's advanced philosophy and design practices will significantly support the development of China's architectural decoration industry," Grandland Group said.