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Manitowoc Company's potential Chinese partner cancels agreement

3:30 PM, Sep. 17, 2013
The Manitowoc Company has announced Shantui Investment Co. of China has terminated its agreement with Manitowoc?s subsidiary, Manitowoc Crane Group Asia Pte Ltd., to enter into a joint venture contract with respect to the truck crane business currently operated as Manitowoc Dong Yue Heavy Machinery Co.
The Manitowoc Company has announced Shantui Investment Co. of China has terminated its agreement with Manitowoc?s subsidiary, Manitowoc Crane Group Asia Pte Ltd., to enter into a joint venture contract with respect to the truck crane business currently operated as Manitowoc Dong Yue Heavy Machinery Co.
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In a news release, The Manitowoc Company has announced Shantui Investment Co. of China has terminated its agreement with Manitowoc's subsidiary, Manitowoc Crane Group Asia Pte Ltd., to enter into a joint venture contract with respect to the truck crane business currently operated as Manitowoc Dong Yue Heavy Machinery Co.

According to the release, in terminating the agreement to pursue the joint venture relationship, Shantui cited China's economic restructuring and the sharp decline in the construction machinery market in China, which have adversely impacted Shantui, affected ...

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