The Manitowoc Co. this week completed the sale of its 50-percent interest in its Chinese joint venture Manitowoc Dong Yue Heavy Machinery Co., Ltd. to its current partner, Tai’an Taishan Heavy Industry Investment Co., Ltd. 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 $36.0 million in the year ended Dec. 31, 2013.
“The sale of our joint venture interest is consistent with our strategy to better align resources across Manitowoc’s crane segment and to maximize financial performance,” said Glen 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. Our plans for this key geographic market include an ongoing commitment to our wholly owned Potain tower crane operation at our state-of-the-art manufacturing facility in Zhangjiagang, which supplies best-in-class products to China, the Greater Asia/Pacific region, Latin American and the Middle East markets.”
The Manitowoc Co. is a multi-industry, capital goods manufacturer with more than 115 manufacturing, distribution, and service facilities in 26 countries. It manufactures crawler cranes, tower cranes, and mobile cranes for the heavy construction industry.