Sany, Palfinger to Invest $143 Million in China Venture
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Sany Heavy Industry Co., run by China’s richest man, and Palfinger AG, the world’s biggest maker of truck-mounted cranes, will invest 900 million yuan ($143 million) in a venture to make and sell mobile cranes.
The venture, Sany Palfinger SPV Equipment Co., will be based in Changsha in central China’s Hunan province, Sany said in a Shanghai Stock exchange filing yesterday. The two companies will also invest as much as 4 million euros ($5.4 million) to set up a sales unit in Salzburg, where Austria’s Palfinger is based.