KCI Konecranes has signed an overhead crane building joint venture in China with Shanghai Qingjie Colour-Coated Steel Sheet Co Ltd and Euro Mechanical & Electronic Co Ltd.

The joint venture, called Shanghai High Tech Industrial Crane Company Ltd, is 63% owned by Shanghai Qingjie Colour-Coated Steel Sheet, 25% by KCI and 12% by Euro Mechanical & Electronic. The JV has signed a license and trademark agreement with KCI Konecranes.

Finland-based KCI Konecranes owns a hoist production factory in China and, so that it can penetrate the market more quickly, it is working on establishing a network of regional crane builders that will use KCI hoists and crane technology exclusively. The Shanghai High Tech Industrial Crane Company will produce KCI cranes for the Shanghai area.

The registration of the joint venture is in process and is expected to be fully operational in early 2003.