MANITOWOC, Wis. (AP) — Diversified manufacturer The Manitowoc Company Inc. said Tuesday it formed a joint venture with Chinese manufacturer TaiAn Dongyue Heavy Machinery Co. to produce mobile and truck-mounted hydraulic cranes.
Terms of the deal were not disclosed.
TaiAn Dongyue, which was founded in 1972, currently has a product line of 10 crane models, ranging from 9 to 55 tons of lift capacity.
Shares soared $4.16, or 10.9 percent, to close at $42.19.
