Palfinger and SANY are further developing their partnership agreement

A new move between 5050 Palfinger and 1170 Sany will see the two firms further developing their strategic partnership. The agreement has been made in principle to expand the strategic partnership between the Austrian and Chinese companies. The firms now intend to buy a 10% stake in each other. The link between the two groups will likely be reflected in the supervisory boards of both organisations. Now that an agreement in principle has been reached, the final contracts will be drafted in the weeks to come. The implementation of the transaction will thereafter be subject to Chinese regulatory approvals and approvals by the supervisory board of Palfinger and the board of SANY Heavy Industries, as well as to the positive conclusion of a court-appointed contribution-in-kind-auditor assessing the interest to be acquired by Palfinger.