02.12.2013

Hiab China JV moves ahead

Hiab has confirmed that its previously announced Joint Venture with CNHTC to build loader cranes in China is now moving ahead.

Regulatory approvals have now all been confirmed for Sinotruk (Shandong) Hiab Equipment Company, the 50/50 joint venture with China National Heavy Duty Truck Group (CNHTC), in China. The plans for the joint venture were published in July 2012 - see: Hiab JV for China. Hiab owner Cargotec is making an equity investment in the joint venture during the first year of €10 million.

CNHTC is a leading Chinese manufacturer of heavy duty trucks and the parent company of Sinotruk. CNHTC's dealers and service stations throughout China will be used by the joint venture for the distribution, sales and services of Hiab's cranes and hooklifts.

The joint venture will also develop CNHTC's existing loader cranes and production base for the Chinese market. By combining both companies' technical know-how, the joint venture is expected to become a significant player in the truck crane business in the near future, particularly in China.
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A Chinese built loader crane

Cargotec also has a 49 percent holding in a joint venture with Jiangsu Rainbow Heavy Industries, for which it paid €30 million. That venture is building a new facility in Taicang, China to build ship-to-shore cranes, rubber-tyred gantry cranes, rail mounted gantry cranes and marine speciality cranes.