Furukawa Co. said Wednesday it has set up a joint venture in France with Hitachi Construction Machinery Co. to manufacture wheel loaders.
Hitachi-Furukawa Loaders France S.A.S., based in the city of Genas, near Lyon, is owned 50.8 percent by Hitachi Construction Machinery and 49.2 percent by Furukawa, a maker of civil engineering machinery.
In establishing the venture, the two companies recapitalized Furukawa's French subsidiary, Furukawa Loaders S.A.S., which has been making wheel loaders at a plant in Genas.
As a result, the Furukawa subsidiary, which had capital of 50,000 euros, became a joint venture capitalized at 6 million euros.
Wheel loaders are used for loading soil, rock or ore onto trucks.
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