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Chinese RHI buys Cargotec out of JV
RHI takes over 49% of the shares.
The ownership of the joint venture in China that Cargotec and Jiangsu Rainbow Heavy Industries (RHI) have been running since 2012 has been reshaped. Since then, Rainbow-Cargotec Industries (RCI) has manufactured port and offshore cranes for Kalmar and MacGregor business areas at the factory in Taicang, China.
RHI has now bought Cargotec's 49% stake in the joint venture. It return, Cargotec will 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. (mw)