(Yicai) May 7 -- China’s E-P Equipment and Germany’s Jungheinrich have entered into an original equipment manufacturer partnership to produce forklifts and warehouse handling equipment under a new joint brand.

The new brand will be known as AntOn by Jungheinrich, the Hangzhou-based supplier of forklifts and components announced late yesterday. The two companies, which signed a framework agreement for the deal on May 2, will also work together to push forward the electrification of material handling equipment globally, it said.

E-P Equipment did not provide any further details, saying only that the tie-up will help the company to deepen its global market presence through multiple channels, as well as helping to advance product upgrades involving electric powered and smart technologies.

The firm’s shares [SHA: 603194] closed 1.2 percent higher at CNY34.77 (USD4.81) each in Shanghai today. The stock has climbed 42 percent from its initial offering price of CNY20.32 last December.

E.P Equipment sold 296,800 forklifts last year, generating total operating revenue of CNY6.552 billion (USD900 million), with about 99 percent coming from the sales of forklifts and spare parts. Just over half of its sales revenue was derived from overseas markets, with major partners including German truck firm Kion Group.

The Chinese company also has a production and sales base in the United States, having acquired the American forklift brand Big Joe in 2009.

Editor: Tom Litting