2 December 2013, 00:00
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 investors:
Paula Liimatta, Investor Relations Director, tel. +358 20 777 4084