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The Manitowoc Company, Inc. (NYSE: MTW) today announced that Shantui Investment Co., Ltd. (“Shantui”) 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., Ltd. (“Manitowoc Dong Yue”). 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, have affected governmental investment policies and investment ideas in the construction industry, and which in turn have led to delays in obtaining the necessary governmental approvals for the joint venture.
“We are disappointed with Shantui’s decision and the fact that the Chinese government did not act to timely approve our potential joint venture as we believed that there was enormous potential presented by the successful collaboration of Manitowoc and Shantui in the truck crane industry,” said Glen E. Tellock, Manitowoc’s chairman and chief executive officer. “In the meantime, we will evaluate our options with our current partner, Tai’an Taishan Heavy Industry Investment Co., Ltd., with respect to the future of the Manitowoc Dong Yue business.”
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 115 manufacturing, distribution, and service facilities in 26 countries. The company is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading product support services. In addition, Manitowoc is one of the world's leading innovators and manufacturers of commercial foodservice equipment, which includes 24 market-leading brands of hot- and cold-focused equipment. In 2012, Manitowoc’s revenues totaled $3.9 billion, with more than half of these revenues generated outside of the United States.