… and strengthens its positions in China2 December 2002
A crane building joint venture has been signed in China between KCI Konecranes and local companies Shanghai Qingjie Colour-Coated Steel Sheet Co and Euro Mechanical & Electronic Co.
The JV, called Shanghai High Tech Industrial Crane Company, is 63% owned by Shanghai Qingjie Colour-Coated Steel Sheet, 25% by KCI and 12% by Euro Mechanical & Electronic. The JV has signed a license agreement with KCI.
Finland-based KCI Konecranes owns a hoist production factory in China and, so that it can penetrate the market more quickly, it is working on establishing a network of regional crane builders that will use KCI hoists and crane technology exclusively. The Shanghai High Tech Industrial Crane Company will produce KCI cranes for the Shanghai area.
Registration of the joint venture is in process and is expected to be fully operational in early 2003.