Cargotec to expand its presence in China

Cargotec will have 50% ownership in the venture and over several years total investment costs will be around EUR 100m (US$122m) with Cargotec investing approximately EUR 10m in the first year alone.

CNHTC\’s extensive network, including dealers and service stations all over China, will be used by the venture to distribute, sell and service Cargotec\’s Hiab cranes and hooklifts. By combining both companies\’ technical know-how, the hope is that the will become a significant player in the truck crane business in the near future, particularly in China.

\”This joint venture represents an important strategic step for Cargotec, (and our) range of load handling equipment, combined with CNHTC\’s position in the Chinese heavy truck market, will secure a fast and cost-effective channel for placing Hiab equipment in the hands of customers all over China,\” said Mikael Mäkinen, president and CEO, Cargotec.