A joint venture between Korean and Chinese companies has established a new forklift manufacturer which expects to achieve sales of at least USD84 million a year.

The new Beijing Hyundai Jincheng Engineering Machinery Co Ltd is 60 percent owned by Hyundai Heavy Industry Co (a subsidiary of South Korea's Hyundai Group).

The remaining 40 percent is held by the Chinese state-owned Beijing Jingcheng Machinery & Electronics Corp, an assets management company with interests in machinery tools, engineering and electric engines.

The joint venture would concentrate on producing hydraulic pressure grabs and forklifts, according to a Bernama Daily Malaysian News report.

It is expected to produce six of Hyundai's computer-controlled electro-mechanical hydraulic excavator unifiers, four of Hyundai's forklift products and Beijing Jingcheng's existing Jincheng Hanna forklifts.

Production is targeted at 5100 grabs and forklifts per year, translating to sales of about USD84.6 million.