Cargotec Oyj (OMX: CGCBV) is planning to establish a joint venture with Shenzhen listed Jiangsu Rainbow Heavy Industries Co., Ltd, which is a fast growing provider of marine equipment, lifting equipment, offshore engineering solutions and city parking systems. The joint venture would provide heavy crane solutions globally.
Jiangsu Rainbow Heavy Industries is already a long-term supplier for Cargotec manufacturing hatch covers, cargo cranes and other products. Cargotec would hold a 49% minority interest in the joint venture after making an equity investment of around 30 million Euro. Getting a bigger presence in China has long been an important strategic goal for Cargotec.
Cargotec also plans to buy 49% interest in China Crane Investment Holdings Limited for around 50 million Euro from Carlyle Asia Growth Partners IV., an investment fund of The Carlyle Group. China Crane Investment Holdings Limited owns 18.75% of the shares in Jiangsu Rainbow Heavy Industries Co., Ltd.
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