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Chinese firm pulls out of deal with Manitowoc Company

MANITOWOC, WI (WTAQ) - A Chinese firm has pulled out of a joint agreement with the Manitowoc Company to establish a new construction crane business. 

A restructuring of China's economy -- plus a sharp drop in the construction equipment market -- are why the Shantui Investment Company was dropping its plans for a joint venture with Manitowoc. 

CEO Glen Tellock says the Manitowoc Company is disappointed with Shantui's decision. He had hoped the Chinese government would act faster to approve the proposed joint venture. 

He said it would have created an enormous potential for both firms. 

Now, Manitowoc plans to review its options with a current Chinese partner on the future of their truck and crane business in China.