31.03.2015

Carlyle exits China Crane

Carlyle has sold its share of China Crane Investment Holdings leaving Cargotec as the sole shareholder.

China Crane had owned 18.75 percent of Jiangsu Rainbow Heavy Industries , but with the sale of Carlyle’s holding, this is now reduced to Cargotec’s 9.19 percent stake, maintaining its ultimate holding in the company. The book value of the holding is €59 million. Rainbow shares are listed on the Shenzhen Stock Exchange in China.

Cargotec announced the joint venture with Rainbow in 2011, to strengthen its presence in China, as part of that deal it also purchased its 49 percent stake in China Crane from Carlyle. See Cargotec to form JV in China
Jiangsu Rainbow now plays an important role in Cargotec's global supply chain, and manufactures port and offshore cranes for its Kalmar and MacGregor business.