Palfinger signs joint venture with Chinese lifeboat manufacturer Neptune

Palfinger Marine, headquartered in Salzburg (Austria), and Jiangyin Neptune Marine Appliance Co, headquartered in Jiangyin (People’s Republic of China), have entered into a global sales and service cooperation agreement.

One of the main pillars of the agreement is the establishment of a joint venture in China. The joint venture will be named Palfinger Neptune Marine Shanghai Co Ltd with registered offices in Shanghai and Jiangyin. Each party will own 50%.

Palfinger Neptune Marine Shanghai Co will become the exclusive dealer of Neptune and PALFINGER lifesaving appliances, spare parts and services in the defined joint venture sales area, including mainland China, Hong Kong, Macau, Taiwan, Korea and Japan. Palfinger will become the exclusive global dealer of Neptune products and the service partner for Neptune products outside of the joint venture area under the Palfinger brand.

Felix Strohbichler, member of the Executive Board of Palfinger AG, said: “Becoming a strong partner of the Asian-Pacific shipbuilding industry based on our comprehensive marine product portfolio and our global service setup is one of our chief goals. The cooperation with Neptune, one of the top players in the Asian lifesaving boats and davits market, will enable Palfinger to take a leading market position in Asia as well, especially in the fast-growing cruise market in China. The lifeboats and davits product portfolios of Neptune and Palfinger are a perfect fit for the Asian market as well as for the global market.”

Hanshou Hua, Chairman of Neptune, said: “Palfinger’s product design for cruise lifeboats and tender boats combined with Neptune’s access to the north-east Asian market are the main ingredients for a successful cooperation. Both parties show strength in differing market segments and geographical regions. PALFINGER will be a strong global service partner to Neptune, and Neptune a strong partner within the JV area. Through the cooperation with Palfinger, Neptune will become the biggest Chinese lifeboat manufacturer.”

The establishment of the cooperation and the joint venture is subject to closing conditions.