Cargotec and Jiangsu Rainbow Heavy Industries (RHI) intend to restructure the ownership structure of their Chinese joint venture, Rainbow-Cargotec Industries (RCI).

Since 2012, RCI has manufactured port and offshore cranes for Kalmar and MacGregor (both part of Cargotec) at Taicang, China.

Cargotec will sell its 49 percent stake in RCI to RHI, while acquiring select operations and assets. The company said the move is part of a plan to simplify its global supply chain operations, while supporting an asset-light balance sheet structure.

Roughly 160 RCI employees are expected to move to Kalmar once the restructuring is complete. Kalmar and MacGregor will continue selling their respective products by partnering with RHI and RCI.