Rainbow-Cargotec Industries Co Ltd (RCI), a joint venture of Cargotec and Jiangsu Rainbow Heavy Industries Co Ltd (RHI), has celebrated the ground breaking of its new facility in Taicang, Jiangsu province, China (Forkliftaction.com News #566).

"This ground breaking in Taicang demonstrates RHI's and Cargotec's commitment in combining our forces for future success," says Cargotec CEO Mikael Mäkinen. "The new facility will have excellent waterway connections to our markets by the Yangtze River and it will increase Cargotec's delivery capacity."

RCI aims to grasp growth opportunities in the Chinese and global markets with a strong local presence, knowledge and experience. The joint venture will focus on ship-to-shore cranes, rubber-tyred gantry cranes, rail-mounted gantry cranes and other heavy crane products.

RHI president Wu Jian adds that the joint venture company has had "good co-operation with the local Taicang government. RCI is expected to bring many employment opportunities in the area and it will also bring many indirect employment effects."

The new RCI site occupies 30 ha (74 ac.) of industrial land and will have a gross floor area of over 265,000 sqm (2,852,436 sqft.). Construction will be completed in two years.

Separately, Cargotec is evaluating the listing of Cargotec Marine on the Singapore Exchange. The company says listing Cargotec Marine would strengthen its business presence in Asia and secure profitable growth. Over one-third of Cargotec's sales comes from the Asia Pacific region and it currently employs about 2,500 people in nine countries in the region. The company's Asian plants are in China, India, South Korea, Malaysia and Singapore. A part of its manufacturing has also been outsourced to partner plants, which are mainly in Asia.