Cargotec Strengthens Its Presence in China

After receiving regulatory approvals, Cargotec has established Rainbow-Cargotec Industries Co Ltd (RCI) a joint venture with Jiangsu Rainbow Heavy Industries Co., Ltd. (RHI) in China.

Cargotec’s ownership in the joint venture is 49 percent. The plans for joint venture were published in July 2011. Cargotec’s equity investment in the joint venture is, as earlier announced, EUR 30 million.

The joint venture RCI will build a new facility to Taicang in China that will increase Cargotec’s delivery capacity. The foundation stone of the facility will be laid in June. RCI will provide leading heavy crane solutions globally and grasp growth opportunities in the Chinese and global markets. The joint venture will focus on ship-to-shore cranes, rubber-tyred gantry cranes, rail mounted gantry cranes and marine specialty cranes.

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Source: Cargotec, May 18, 2012