

(Posted on 12/05/20)
Cargotec and Jiangsu Rainbow Heavy Industries Co., Ltd. (RHI) plan together to change the ownership structure of their joint venture Rainbow-Cargotec Industries Co., Ltd (RCI) in China. The joint venture was established in 2012, and since then, RCI has successfully manufactured port and offshore cranes for Kalmar and MacGregor business areas at the factory in Taicang, China.
The companies have entered into an agreement where Cargotec will sell its 49% ownership in RCI to the joint venture partner, and simultaneously acquire certain operations and assets from RHI. According to the preliminary estimate, Cargotec will book a cost affecting comparability totalling EUR 35 million in its second quarter 2020 result as a consequence of the transaction.
The change aims to simplify Cargotec’s global supply chain operations. Simplification is needed mainly because the number of complex automation projects has been growing in the past couple of years. The arrangement will also support the asset light balance sheet structure.
After the transaction is completed, Kalmar and MacGregor will continue selling their offering to customers globally, partnering together with RHI and RCI. As part of the agreement, about 160 RCI employees are estimated to move over to Kalmar once the change in ownership structure has been completed.
Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec's sales in 2019 totalled approximately EUR 3.7 billion and it employs around 12,500 people.
Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has signed... Read more
Data analytics specialist ioCurrents and Rose Point, a leading provider of navigation solutions for... Read more
One of Denmark’s oldest companies has sold its solutions to Nigeria for more than 20 years &ndash... Read more
The BEUMER Group, Beckum, Germany a leading international manufacturer of intralogistics systems in... Read more
Cimbria is presenting a new series of machines using a combined multispectral vision system, allowing... Read more
Shipping companies can harness the full power of a digitally connected maritime ecosystem to support... Read more
Cargotec Corporation’s Board of Directors elected by the Annual General Meeting has announced... Read more
Bruks Siwertell has commissioned a new Siwertell ST 790 D-type ship unloader to serve Quezon Power Ltd... Read more
The Japanese Shipowners’ Association has announced that the Japanese shipping industry will take... Read more
Superior Industries, Inc., a US-based manufacturer and global supplier of bulk material processing and... Read more