Cargotec has established a joint venture with Jiangsu Rainbow Heavy Industries Co., Ltd. to strengthen presence in China
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 18 MAY 2012 AT 12.10 P.M (EEST)
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.
For further information please contact:
Mikael Mäkinen, President and CEO, tel. +358 20 777 4100
Pekka Vauramo, COO, Deputy to CEO, tel. +358 20 777 4101
Anne Westersund, Vice President Communications and Marketing, tel + 358 20 777 4460
More information for the investors:
Paula Liimatta, Investor Relations Director, tel. +358 20 777 4084
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.1 billion in 2011 and it employs approximately 10,500 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com