CARGOTEC has established Rainbow-Cargotec Industries Co Ltd (RCI) in a joint venture with Jiangsu Rainbow Heavy Industries north of Shanghai.

Cargotec's ownership in the joint venture is 49 per cent and its equity investment in the joint venture is EUR30 million (US$38.35 million).

The joint venture RCI will build a new facility to Taicang in China to increase Cargotec's delivery capacity, a company statement said. The foundation stone of the facility will be laid in June.

RCI is tasked with providing heavy crane solutions globally and seizing growth opportunities in the Chinese and global markets. The joint venture will focus on ship-to-shore cranes, rubber-tyre gantries (RTG), rail mounted gantry cranes and marine specialty cranes.