Shantui Enters Joint Venture with Manitowoc Cranes

In a ceremony held at the Sheraton Hotel in the Shandong provincial capital of Jinan, Shantui Construction Machinery Company and Manitowoc Cranes signed an official agreement establishing a joint venture between the two companies. The agreement was signed by Shantui Chairman Mr. Zhang Xiuwen and Manitowoc Board of Directors Chairman Mr. Glen Tellock. The new venture, Shantui Manitowoc Crane Company, will be based in the city of Tai'an and will produce truck cranes, truck mounted cranes, and the related parts and accessories.

According to Shandong Heavy Industry Group Chairman Mr. Tan Xuguang, the collaboration between Shantui and Manitowoc is a major boon to Shantui, and the Heavy Industry Group as a whole.The product offerings of Shantui will be diversified, and the technical quality of the products will be greatly improved. Tai'an Mayor Mr. Wang Yunpeng expressed great enthusiasm for the venture, stating that the Shantui Manitowoc Crane Company will revitalize the equipment manufacturing industry in Tai'an. Manitowoc Chairman Mr. Glen Tellock stated that his company is committed to providing the most complete and innovative solutions to customers, while providing outstanding service.

Founded in 1902 in Manitowoc, Wisconsin, U.S.A., Manitowoc Cranes is a world-leading manufacturer of lifting equipment. This vast experience combines with Shantui's sales network to form a well-rounded partnership. The joint venture came into being when Manitowoc Cranes acquired Dongyue Heavy Industry Company from Taishan Heavy Industries. After the acquisition, Shantui and Manitowoc agreed to jointly invest in the company. According to the agreement, Shantui possesses 51% equity interest to Manitowoc's 49%. The company will produce truck cranes, truck mounted cranes and the related equipment, parts, and accessories. The business will also engage in research and development, and offer training and after-sales support to customers.

"We're excited to see what this partnership has in store," said Shantui General Manager Mr. Wang Fei, "This is a major development not only for our company, but for the Chinese construction machinery industry as a whole."