The joint venture was created in early 2008 for the production of mobile and truck-mounted hydraulic cranes.
The sale is expected to result in non-cash losses that will reduce income attributable to Manitowoc shareholders by approximately $36m in the year ended 31 December 2013.
“The sale of our joint venture interest is consistent with our strategy to better align resources across Manitowoc’s crane segment and to maximise financial performance,” said Glen E Tellock, Manitowoc’s chairman and CEO. “Looking ahead, we remain committed to the Chinese construction equipment market, and will continue to develop our successful tower crane business as China remains a vital element of Manitowoc’s global footprint.”
Source: The Manitowoc Company
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