Chinese crane maker acquired by Terex

Terex Corporation has bought 50% of Sichuan Changjiang Engineering Crane Co., Ltd., based in Luzhou, Sichuan Province, China. The management of Changjiang Crane, which manufactures cranes between 8 and 160 tonnes lifting capacity, will own the remaining 50%.

Chinese regulations limit foreign companies from owning more than 50% of domestic firms that produce, among other things, truck cranes and other on-highway vehicles. If and when regulations allow, Terex said it has the right to acquire the remaining 50% of Changjiang Crane.

Steve Filipov, left, president of Terex Cranes, said, “There is significant opportunity to grow this business both inside and outside China, and over time we hope to utilise its supply chain to help improve our component costs globally. We plan to apply engineering and operational resources to help Changjiang Crane accelerate its product and manufacturing development, building upon the significant accomplishments of the existing management team.”