News from Cargotec
Cargotec files a lawsuit against SweFrame for theft of Bromma’s product information, and plans to establish a joint venture in China with Jiangsu Rainbow Heavy Industries.
Cargotec has filed a lawsuit in Sweden against SweFrame Port Equipment, claiming inter alia for damages due to theft of sensitive product information belonging to Cargotec’s Bromma Conquip.
SweFrame is a recently established competitor of Bromma.
The Swedish police’s department for intellectual property law cases have searched the premises of SweFrame and confiscated Bromma drawings and other Bromma materials.
The local court in Sweden, Västmanlands tingsrätt, has accepted the lawsuit and ordered SweFrame to comment on the claims, facts and circumstances in Cargotec’s lawsuit. A first hearing in the matter is expected to take place after the summer break.
In other news, Cargotec plans to establish a joint venture with Jiangsu Rainbow Heavy Industries (RHI) in China.
The joint venture would provide heavy crane solutions globally, expand delivery capacity and grasp growth opportunities in the Chinese and global markets.
RHI is a long-term supplier for Cargotec manufacturing hatch covers, cargo cranes and other products.
The joint venture will focus on ship-to-shore cranes, rubber-tyred gantry cranes, rail mounted gantry cranes and marine specialty cranes. At the start, the majority of the production would be sold to global markets, but the share of the Chinese market is estimated to grow strongly.
Cargotec’s ownership in the JV would be 49%, and the value of Cargotec’s equity investment approximately €30 million.
In connection with the establishment of the JV, Cargotec plans to strengthen its strategic partnership with RHI by becoming an owner in the company. Cargotec plans to acquire a 49% interest in China Crane Investment Holdings for approximately €50 million. Hong Kong-based China Crane currently owns 18.75% of the shares of RHI.
The transaction is subject to the relevant regulatory approvals, which are expected to be received within six to eight months. Consequently, the JV is expected to start operations in early-2012.
Quelle: eyefortransport
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