Cargotec has established a joint venture with China National Heavy Duty Truck Group Co., Ltd. to strengthen presence in China
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 2 DECEMBER 2013 AT 10:00 EET
After receiving regulatory approvals, Cargotec has established Sinotruk (Shandong) Hiab Equipment Company Ltd., a joint venture with China National Heavy Duty Truck Group Co., Ltd. (CNHTC), in China. Cargotec's ownership in the joint venture is 50 percent. The plans for the joint venture were published in July 2012. Cargotec's estimated equity investment in the joint venture during the first operational year is, as earlier announced, approximately EUR 10 million.
CNHTC is a leading Chinese manufacturer of heavy duty trucks and the parent company of Sinotruk. CNHTC's extensive network, including dealers and service stations all over China, will be used by the joint venture for the distribution, sales and services of Hiab's cranes and hooklifts.
The joint venture will also further develop CNHTC's existing truck crane offering and production base for the Chinese market. By combining both companies' technical know-how, the joint venture is expected to become a significant player in the truck crane business in the near future, particularly in China.
Further information for the press:
Mika Vehviläinen, President and CEO, tel. +358 20 777 4101
Anne Westersund, Senior Vice President, Communications and Public Affairs; tel + 358 20 777 4460
Further information for 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 brands MacGregor, Kalmar and Hiab 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 3.3 billion in 2012 and it employs approximately 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com