China Joint Venture for Cargotec

Cargotec has established a joint venture with Jiangsu Rainbow Heavy Industries Co., Ltd. to strengthen presence in China

The joint venture RCI will build a new facility at Taicang in China that will increase Cargotec's delivery capacity. The foundation stone of the facility will be laid in June.

RCI will provide leading heavy crane solutions globally and grasp growth opportunities in the Chinese and global markets. The joint venturewill focus on ship-to-shore cranes, rubber-tyred gantry cranes, rail mounted gantry cranes and marine specialty cranes.

After receiving regulatory approvals, Cargotec has established Rainbow-CargotecIndustries Co Ltd (RCI) a joint venture with Jiangsu Rainbow Heavy IndustriesCo., Ltd. (RHI) in China. Cargotec's ownership in the joint venture is 49 percent. The plans for joint venture were published in July 2011. Cargotec's equity investment in the joint venture is, as earlier announced, EUR 30 million.