PALFINGER: ongoing development of cooperation with SANY



Successful partnership enables simpler shared structures. PALFINGER and SANY negotiate termination of cross-holding. This would substantially expand PALFINGER's strategic scope.
Bergheim, Austria on 10th December 2020

"In strategic terms, SANY has been our most important partner in China and Asia since 2012," says PALFINGER CEO Andreas Klauser, "together, we are now opening a new chapter in our successful cooperation." PALFINGER and SANY HEAVY INDUSTRIES are currently negotiating the seperation of their complex business relationship. Two years after the beginning of the partnership that gave PALFINGER direct access to the Chinese market, the two companies entered into a cross-holding to increase mutual security.

Strong partnership
As a result of the cross-holding, PALFINGER holds 7.5 percent of Sany Automobile Hoisting Machinery, which is reflected in PALFINGER's balance sheet at EUR 107 million. Based on the proven long-term cooperation and successful joint ventures, a participation of this kind is no longer needed. 

Investments in the future
"By focusing on the essential aspects of our partnership, we are pursuing the goal of generating additional financial resources that will be freed up to expand our strategic scope," emphasizes Andreas Klauser. The operational joint ventures with SANY as a partner will continue to be driven forward intensively and PALFINGER will expand its presence on the Chinese market.