Versalift Signs Landmark Partnership Agreements with China Grid Subsidiary XJ Electric
BEIJING, Dec. 19, 2018 /PRNewswire/ -- Versalift, a Time Manufacturing Company, and XJ Electric inked two new partnership agreements on December 18, 2018 (12-18-18) a highly auspicious date which falls on the 40th anniversary of the "reform and opening up" of China. XJ Electric is a wholly owned subsidiary of the State Grid of China, and Versalift is an American manufacturer of bucket trucks, aerial lifts and other equipment used in the construction and maintenance of electric power infrastructure.
The American bucket truck manufacturer and the Chinese energy giant will work together to develop an insulated aerial lift factory in China in order to manufacture and assemble bucket trucks to be distributed throughout the Chinese market and to other countries in the region. This joint venture agreement is evergreen, and will result in thousands of additional Versalift aerial lifts produced annually.
Versalift and XJ Electric will also work together on the development of a local Chinese distributor and upfitter that will mount lifts to both locally made and imported chassis, with the accessories, upfits and modifications that are needed to support the ambitious development plan for the Chinese Electrical Grid. In the case of the new Versalift distributor, Time Manufacturing/Versalift will retain control of design, component sourcing, quality assurance, and safety inspection for all vehicles released.
"We are extremely pleased with the outcomes of this deal," said Curt Howell, CEO of Time/Versalift. "We couldn't have asked for a better partner to extend our global reach than XJ Electric. Building joint ventures that can handle both Manufacturing and Distribution in the region is an important part of our future success. Our experience has been incredible so far and we look forward to a long and prosperous relationship." Mr. Howell has worked in the Automobile Manufacturing industry since the 1980s and has successfully opened factories in 12 countries. Having recently led his team through growth and lean initiatives at Time/Versalift's Waco, TX manufacturing and distribution facility, in order to increase production and meet demand, Mr. Howell is clear on how these new ventures support Versalift's global expansion.
XJ Electric is responsible for a significant portion of the Chinese electric power grid, which will continue to need insulated high-reach equipment in order to support and manage its huge electric power distribution network. As a leading manufacturer of the safest and most reliable insulated aerial lifts available in the world, Time/Versalift continues to create value for its expanding global customer base.
Versalift is a leading global manufacturer of bucket trucks, digger derricks, aerial lifts and other specialty equipment for power generation, transmission and distribution, investor-owned utility, telecommunications, bridge inspection, light and sign, and tree care industries. Working with government agencies and corporations through its global network of facilities and family of dealers, the company employs more than 900 associates worldwide.
Media Contact: David Post | (254) 399-2139 | [email protected]
SOURCE Versalift
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