Cargotec set to buy Carlyle’s stake in China Crane

The cargo-handling machinery manufacturer will invest around EUR30 million ($43 million) for a 49% in the joint venture with the Chinese firm, which is already one of its longest-standing suppliers. In order to strengthen the strategic partnership with RHI, Cargotec will also take an ownership stake in the company. It will do this by purchasing Carlyle's interest in China Crane, which is an 18.75% shareholder in RHI.

China Crane is a Hong Kong-based company with the sole purpose of investing in RHI. Carlyle's stake in the firm is held through Carlyle Asia Growth Partners IV.

The transaction is subject to various regulatory approvals and is therefore expected to close no earlier than January.

RHI supplies hatch covers, cargo cranes and other products to Cargotec. The joint venture is set to focus on ship-to-shore cranes, rubber-tired gantry cranes, rail mounted gantry cranes and marine specialty cranes. These would primarily be sold into global markets, although the China share of the business is expected to grow strongly.

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• Topics
• Greater China
• Industrials
• Exits
• The Carlyle Group