The US manufacturer said that the sale is expected to result in non-cash losses, reducing income attributable to Manitowoc shareholders by approximately $36m in the year ended December 31, 2013.

Explaining the sale, Manitowoc’s chairman and chief executive Glen Tellock said: "The sale of our joint venture interest is consistent with our strategy to better align resources across Manitowoc’s crane segment and to maximize financial performance.

"Looking ahead, we will continue to develop our successful tower crane business as China. Our plans for this key geographic market include an ongoing commitment to our wholly owned Potain tower crane operation at our manufacturing facility in Zhangjiagang, which supplies products to China, the Greater Asia/Pacific region, Latin American and the Middle East markets".

The Wisconsin headquartered manufacturer founded the joint venture in 2008 for the production of mobile and truck-mounted hydraulic cranes.