Cargotec completes the ownership change of joint venture in China
Jun 02, 2020Cargotec has completed the sale of its share of the joint venture Rainbow-Cargotec Industries Co., Ltd (RCI) in China. As part of the agreement, Cargotec acquired certain operations and assets of the joint venture from Jiangsu Rainbow Heavy Industries Co., Ltd. (RHI), and approximately 160 employees have moved over from RCI to Kalmar.
On 11 May 2020, Cargotec announced plans to sell its 49% share of the joint venture to the other owner RHI. RHI now owns 100% of the former joint venture, and the new name of the company is Rainbow Industries Co. Ltd. (RIC). RIC will continue as Cargotec’s subcontractor and provide assembly services for Cargotec’s business areas Kalmar and MacGregor at the factory in Taicang, China.
The change aims to simplify Cargotec’s global supply chain operations. Simplification is needed mainly because the number of complex automation projects has been growing in the past couple of years. The arrangement also supports the asset light balance sheet structure.
Similar Stories
Jeffersonville port delivers record road salt shipments to Greater Louisville area during recent winter storms
View ArticleNC Ports Notice: Holiday Schedule Notice Martin Luther King Jr. Day
The Port of Wilmington Container Gate (South Gate) and the Charlotte Inland Port (CIP) will operate on a reduced schedule on Monday, January 20: 8 AM-12 PM and 1 PM-5…
View Article
Port of Long Beach’s Cordero hails ‘Green Port’ achievements
View Article
Port of San Diego accepts $5 million grant from the San Diego County Air Pollution Control District for clean air project
View Article
Adriatic Gate Container Terminal welcomes Bora Med Service
View Article
Savannah gets India cargo to market up to eight days faster
View ArticleGet the most up-to-date trending news!
SubscribeIndustry updates and weekly newsletter direct to your inbox!
Follow us on social media:
