Aerial lift manufacturer Versalift signs two new partnership agreements with Xuji Electric, a wholly owned subsidiary of the State Electric Grid of China, on December 18, 2018. This date, which falls on the 40th anniversary of the opening of China to foreign investment, is an auspicious moment. Versalift is a global 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.
Aerial lift demand will be very strong in China for the foreseeable future. As a result Versalift and Xuji 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 State Electric 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 Xuji 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.
Xuji 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.