Palfinger Marine GmbH, headquartered in Salzburg, Austria, and Jiangyin Neptune Marine Appliance Co. Ltd, headquartered in Jiangyin, 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 which will be named Palfinger Neptune Ltd with registered offices in Shanghai and Jiangyin. Each party will own 50%.
Palfinger Neptune Ltd. 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, South 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, commented: “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.”
The establishment of the cooperation and the joint venture is subject to closing conditions.