Palfinger AG, headquartered in Salzburg, Austria, and Sany Heavy Industry Co., based in Changsha, China, entered into an agreement on the establishment of two joint venture companies in which both parties will hold 50 percent of the shares.
Sany Palfinger will primarily produce and sell Palfinger products in Changsha for the Chinese market. The company will also distribute the mobile cranes produced by Sany in the global market outside of China.
The establishment of the two joint ventures is subject to the approval of authorities.
“With the establishment of these two joint venture companies, we have taken a big step forward in our internationalization strategy,” said Herbert Ortner, Palfinger CEO. “We now have manufacturing and assembly plants in all of the world’s major markets. With Sany, we have a partner that is not only one of the fastest-growing companies in the world, but one that meets our high quality standards as well.”