Manitowoc-Shantui joint venture terminated

By Hatton18 September 2013

Shantui Investment Co Ltd has terminated its agreement with Manitowoc Crane Group Asia Pte Ltd, to enter into a joint venture contract with its truck crane segment. Manitowoc's Chinese truck crane operation is Manitowoc Dong Yue Heavy Machinery Co Ltd.

The Manitowoc Company said that Shantui terminated the agreement for a potential joint venture due to economic restructuring in China and a decline in the construction machinery market, which, in turn, had affected government investment policies.

Glen Tellock, Manitowoc chairman and chief executive officer, said, “We are disappointed with Shantui’s decision and the fact that the Chinese government did not act to timely approve our potential joint venture as we believed that there was enormous potential presented by the successful collaboration of Manitowoc and Shantui in the truck crane industry.

“In the meantime, we will evaluate our options with our current partner, Tai’an Taishan Heavy Industry Investment Co Ltd, with respect to the future of the Manitowoc Dong Yue business,” Tellock continued.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Crane Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
New sales manager for Faymonville and Cometto
Matthew Schattgen aims to further develop the brand implementation in the U.S. market.
US army contract for heavy equipment trailers
Oshkosh Defense and Broshuis have been awarded a defense contract to produce enhanced heavy equipment transporter systems (EHETS) trailers for the US army
What are the latest below-the-hook products?
Below-the-hook solutions can be complex. ACT rounds up below-the-hook news and products.
CONNECT WITH THE TEAM
D.Ann Shiffler Editor, American Cranes & Transport Tel: +1 512 869 8838 E-mail: d.ann.shiffler@khl.com
Matt Burk VP Sales Tel: +1 312 496 3314 E-mail: matt.burk@khl.com
CONNECT WITH SOCIAL MEDIA