Sany has signed two joint venture agreements with Palfinger to sell each others' cranes. China-based SanyPalfinger will distribute knuckle boom cranes produced by Palfinger in China, while Austria-based PalfingerSany will sell Sany mobile cranes in the world market outside China. Sany and Palfinger will each hold a 50% share in the two new companies. With the establishment of these two joint venturae companies, Sany and Palfinger have taken a big step forward in internationalization strategy. Companies now have manufacturing and assembly plants in all of the world's major markets.

With Sany Palfinger has a partner that is not only one of the fastest growing companies in the world, but one that meets high quality standards as well. With Sany, Palfinger has laid the foundation for holding own on a long-term basis in an increasingly aggressive competitive environment and for expanding leadership position in the global market. China will become its second domestic market. For Sany, this close co-operation with Palfinger is a major step towards tapping the global market. Sany will use Palfinger's dense, international sales and service network to promote the globalization of Sany from a Chinese perspective.