Manitowoc exits truck crane JV in China
22 January 2014
Crane manufacturer Manitowoc has completed the sale of its 50 % interest in Chinese truck crane manufacturing joint venture Manitowoc Dong Yue Heavy Machinery Co., Ltd.
The buyer is Manitowoc’s partner in the venture, Tai’an Taishan Heavy Industry Investment Co., Ltd. USA-headquartered Manitowoc said that the sale is “expected to result in non-cash losses which will reduce income attributable to Manitowoc shareholders by approximately $36.0 million in the year ended December 31, 2013.”
Glen Tellock, Manitowoc chairman and CEO, said, “The sale of our joint venture interest is consistent with our strategy to better align resources across Manitowoc’s crane segment and to maximise financial performance.”
Tellock went on to emphasise the company’s commitment to the tower crane market in China, “Looking ahead, we remain committed to the Chinese construction equipment market, and will continue to develop our successful tower crane business as China remains a vital element of Manitowoc’s global footprint. Our plans for this key geographic market include an ongoing commitment to our wholly owned Potain tower crane operation”.
