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Chinese firm ends Manitowoc Co. crane deal

11:56 AM, Sep. 17, 2013  |  Comments
A U.S. flag flies from a crane at Manitowoc Cranes in Manitowoc in September 2011.
A U.S. flag flies from a crane at Manitowoc Cranes in Manitowoc in September 2011.
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A Chinese company is terminating its joint venture with the Manitowoc Co. to develop a crane business in China.

Shantui Investment Co. cited a sharp decline in the construction equipment market in China as a reason for ending the agreement, Manitowoc Co. said in a statement

The statement said Manitowoc Co. is disappointed with the decision and that the Chinese government did not act in a timely fashion to approve the joint venture.

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