Jiangsu Rainbow Heavy Industries completed the acquisition of a 49% stake in Rainbow-Cargotec Industries from Cargotec.

Jiangsu Rainbow Heavy Industries, a mechanical or industrial engineering company, completed the acquisition of a 49% stake in Rainbow-Cargotec Industries, its joint venture with Cargotec, a Finnish company that makes cargo-handling machinery for ships, ports, terminals and local distribution. Financial terms were not disclosed. The change aims to simplify Cargotec’s global supply chain operations. Simplification is needed mainly because the number of complex automation projects has been growing in the past couple of years. The arrangement will also support the asset light balance sheet structure.