Permasteelisa was sold by its Japanes owners Lixil Corporation. Under the ownership of Shenzhen-based Chinese curtain walling rival, Permasteelisa’s headquarters will continue to be based in Vittorio Veneto in Italy.

Permasteelisa has made big in-roads into the UK high-rise market in recent years and secured the cladding deal on the Shard in London.

But as a whole the Italian cladding specialist ran up losses of £21m in the year to April 2017 from revenue of £1.2bn.

Riccardo Mollo, Permasteelisa CEO, who will remain in the position following the transaction, said, “Combining Permasteelisa’s position as a premium leader in the market and scale across EMEA, North and South America, and Asia Pacific, along with Grandland’s industrial integration capabilities and strength in China, will create a truly global leader in the curtain wall segment.

“While Permasteelisa will maintain its operating independence globally, the opportunities for operating synergies with Grandland are tremendous.”

Lixil president Kinya Seto said: “We believe Grandland will be a strong complementary fit for Permasteelisa and an ideal partner to invest in and grow Permasteelisa’s business in the future, especially in the fast-growing Chinese market”