Manitowoc sells its interest in Chinese JV

MANITOWOC, Wisconsin, USA – The Manitowoc Company, Inc. (NYSE: MTW) announced that it has completed the sale of its 50% interest in its Chinese joint venture Manitowoc Dong Yue Heavy Machinery Co., Ltd. (“Manitowoc Dong Yue”) to its current partner, Tai’an Taishan Heavy Industry Investment Co., Ltd. The joint venture was created in early 2008 for the production of mobile and truck-mounted hydraulic cranes. The sale is expected to result in non-cash losses which will reduce income attributable to Manitowoc shareholders by approximately $36.0 million in the year ended December 31, 2013.

“The sale of our joint venture interest is consistent with our strategy to better align resources across Manitowoc’s crane segment and to maximize financial performance,” commented Glen E. Tellock, Manitowoc chairman and chief executive officer. “Looking ahead, we remain committed to the Chinese construction equipment market, and will continue to develop our successful tower crane business as China remains a vital element of Manitowoc’s global footprint.

“Our plans for this key geographic market include an ongoing commitment to our wholly owned Potain tower crane operation at our state-of-the-art manufacturing facility in Zhangjiagang, which supplies best in class products to China, the Greater Asia/Pacific region, Latin American and the Middle East markets.”