Austrian crane manufacturer Palfinger detailed its plans to build a new production plant in China on Thursday.

"China is our biggest investment project, we are planning to invest 100 million euros in a new plant," CEO Herbert Ortner said in Vienna.

The 50:50 joint-venture with Chinese partner Sany has started very well, he noted, adding that the plant will be completed in 2013 and will be the largest in the Palfinger network.

Ortner also mentioned North and South America and Russia as the largest growth markets apart from China, while sales in Europe have been in decline, accounting 60 percent of its total. Endi

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