Chinese firm terminates Manitowoc Co. crane deal

Shantui Investment Co. cites sharp decline in Chinese construction equipment market

A Chinese company is terminating its joint venture with the Manitowoc Co. to develop a crane business in China.

Manitowoc Co. said Shantui Investment Co. cited a sharp decline in the construction equipment market in China as a reason for ending the agreement.

A statement from Manitowoc Co. said it’s disappointed with the decision and the fact the Chinese government did not act in a timely fashion to approve the joint venture.