Finnish cargo-handling machinery maker Cargotec has become a sole owner of China Crane Investment Holdings Limited after buying the remainder of the investment company’s shares from CAG Marine Holding Limited, part of Carlyle.
Cargotec and CAG Marine jointly owned China Crane Investment Holdings Limited (China Crane), which has owned 18.75% of the shares in Jiangsu Rainbow Heavy Industries (RHI) as at 18 March 2015.
Cargotec’s aggregate ownership in RHI remains unchanged at 9.19% and following Carlyle’s exit Cargotec will own 100% of China Crane.
Back in July 2011, Cargotec announced plans to establish a joint venture with RHI to strengthen its presence in China.
In connection with the establishment of the joint venture Rainbow-Cargotec Industries (RCI), Cargotec strengthened its strategic partnership with RHI by purchasing RHI shares from Carlyle, who owned 100% of China Crane at that time.
RCI manufactures port and offshore cranes for Cargotec’s Kalmar and MacGregor business areas.