Yongmao Inks JV With Wuxi Jushen
Yongmao through its subsidiary Fushun Yongmao Construction Machinery (Fushun Yongmao) has entered into an 80-20 joint venture (JV) with Wuxi Jushen Crane (Wuxi Jushen), a high-quality crane manufacturer in Eastern China with a 34-year track record.
Under terms of the agreement, Fushun Yongmao will contribute Rmb24m cash for an 80% stake in the JV, while Wuxi Jushen will contribute Rmb6m worth of assets for remaining 20%.
The JV company, Wuxi Yongmao Towercrane Manufacturing, will produce towercranes, bridge & gantry cranes, and roof top cranes under Yongmao’s brand name.