Manitowoc Sells Stake In Manitowoc Dong Yue Heavy Machinery

(RTTNews) - Capital goods manufacturer Manitowoc Co. Inc. (MTW) said Tuesday it has completed the sale of its 50% interest in its Chinese joint venture Manitowoc Dong Yue Heavy Machinery Co. Ltd. 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.

Manitowoc said the sale is expected to result in non-cash losses which will reduce income attributable to Manitowoc shareholders by about $36 million in the year ended December 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," said Glen Tellock, Manitowoc chief executive.

"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."