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Chinese firm terminates Manitowoc Co. crane deal

  • Associated Press
  • September 17, 2013 - 9:55 AM

MANITOWOC, Wis. — A Chinese company is terminating its joint venture with the Manitowoc Co. to develop a crane business in China.

Manitowoc Co. says Shantui Investment Co. cited a sharp decline in the construction equipment market in China as a reason for ending the agreement.

A statement from Manitowoc Co. says it's disappointed with the decision and the fact the Chinese government did not act in a timely fashion to approve the joint venture.

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