Cargotec completes the ownership change of joint venture in China
Published by Jessica Casey,
Cargotec has completed the sale of its share of the joint venture Rainbow-Cargotec Industries Co. Ltd (RCI) in China. As part of the agreement, Cargotec acquired certain operations and assets of the joint venture from Jiangsu Rainbow Heavy Industries Co. Ltd. (RHI), and approximately 160 employees have moved over from RCI to Kalmar.
On 11 May 2020, Cargotec announced plans to sell its 49% share of the joint venture to the other owner RHI. RHI now owns 100% of the former joint venture, and the new name of the company is Rainbow Industries Co. Ltd. (RIC). RIC will continue as Cargotec’s subcontractor and provide assembly services for Cargotec’s business areas Kalmar and MacGregor at the factory in Taicang, China.
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 also supports the asset light balance sheet structure.
Read the article online at: https://www.drybulkmagazine.com/material-handling/03062020/cargotec-completes-the-ownership-change-of-joint-venture-in-china/
You might also like
Seawing automated kite system to be installed on the CORONA CITRUS
Kawasaki Kisen Kaisha, Ltd. and Electric Power Development Co., Ltd. have decided to install the “Seawing,” an automated kite system using wind power, on CORONA CITRUS, an 88 000 DWT-type special coal carrier for J-POWER.