# Cargotec establishes joint venture with Jiangsu Rainbow Heavy Industries in China

Cargotec has established Rainbow-Cargotec Industries Co Ltd, a joint venture with Jiangsu Rainbow Heavy Industries, with Cargotec owning 49% and investing EUR 30 million. A new facility will be built in Taicang, China.

- Type: Acquisition
- Announced: 2020-04-09
- Where: Taicang, China, China
- Value: $37.0M (30.0M EUR)
- Jobs: 160
- Status: announced
- Products: ship-to-shore cranes, rubber-tyred gantry cranes, rail mounted gantry cranes, marine specialty cranes
- Sectors: [Material Handling](https://endata.com/sectors/material-handling.md)

## Companies

- [Cargotec](https://endata.com/companies/1832.md)
- [Cargotec](https://endata.com/companies/1832.md) (target)
- [Rainbow-Cargotec Industries](https://endata.com/companies/22580.md) (target)
- [Jiangsu Rainbow Heavy Industries](https://endata.com/companies/22581.md) (acquirer)
- [Jiangsu Rainbow Heavy Industries](https://endata.com/companies/22581.md) (partner)

## Sources

- [manufacturing-journal.net](https://www.manufacturing-journal.net/press-release/2583-cargotec-has-established-a-joint-venture-with-jiangsu-rainbow-heavy-industries-co-ltd-to-strengthen-presence-in-china), 2020-04-09: "The joint venture RCI will build a new facility to Taicang in China that will increase Cargotec's delivery capacity."
- [kalmarglobal.com](https://www.kalmarglobal.com/news--insights/press_releases/2020/cargotec-plans-to-change-the/), 2020-05-11: "The change aims to simplify Cargotec's global supply chain operations."
- [worldcargonews.com](https://www.worldcargonews.com/sts-cranes/2020/05/cargotec-to-sell-its-rainbow-stake/), 2020-05-11: "Cargotec and Jiangsu Rainbow Heavy Industries Co Ltd (RHI) have entered into an agreement whereby Cargotec will sell its 49% ownership in Rainbow-Cargotec Industries Co Ltd to the joint venture partner."
- [epaper.cs.com.cn](https://epaper.cs.com.cn/zgzqb/html/2020-05/12/nw.D110000zgzqb_20200512_3-B029.htm), 2020-05-12: "公司计划受让卡哥特科公司所持有的公司控股子公司润邦卡哥特科工业有限公司49%股权"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.