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.
© 2013 Star Tribune