Cargotec expects $912m annual sales from venture

Cargotec Oyj and Jiangsu Rainbow Heavy Industries Co started work on Monday on a two-year project to build the venture's main facility in Taicang, near Shanghai, China Daily reports.

Cargotec is investing 30 million euros ($38 million) of equity into the new business, which will make port-handling systems, cranes and other heavy equipment, as manufacturing in China spurs sea-cargo shipments to the United States and Europe.

Cargotec Oyj, the world's biggest maker of container-lifting gear, said a new China venture may post annual sales of as much as 5.8 billion yuan ($912 million) as growing global trade spurs demand for port equipment. The venture may reach that target in six years.