Manitowoc Announces Termination Of Joint Venture With Shantui Investment Co.

(RTTNews) - The Manitowoc Company, Inc. (MTW) announced that Shantui Investment Co., Ltd. has terminated its agreement with Manitowoc's subsidiary, Manitowoc Crane Group Asia Pte Ltd. to enter into a joint venture contract with respect to the truck crane business currently operated as Manitowoc Dong Yue Heavy Machinery Co., Ltd.

The company said in terminating the agreement to pursue the joint venture relationship, Shantui cited China's economic restructuring and the sharp decline in the construction machinery market in China, which have adversely impacted Shantui, have affected governmental investment policies and investment ideas in the construction industry, and which in turn have led to delays in obtaining the necessary governmental approvals for the joint venture.