Doosan Infracore sold to Hyundai Heavy Industries Holdings Co.
August 19, 2021 is the official sale date of Doosan Infracore to Hyundai Heavy Industries Holdings Co. (HHIH).
Doosan Infracore will become a subsidiary of the newly created Hyundai Genuine (HG) group alongside Hyundai Construction Equipment (HCE) as two independent construction equipment companies under HHIH. HG will act as the intermediary company of HHIH Group’s construction equipment businesses and will be leading both DI and HCE to maximize the company’s efforts and focus on the construction equipment industry. Together the two brands will combine as a global top player, putting it much closer to achieving the goal of becoming a global top five player.
The plan is to manage overlapping investments and invest heavily in areas such as future technologies and innovation. Doosan Infracore will be working diligently to commercialize Concept-X and develop cutting-edge products such as electric excavators, battery packs, hybrid fuel cells and other next-generation products. By focusing on each company’s areas of strength, HG will be able to advance the development of these types of products to gain a competitive edge in the global market.
Independently, the two companies will grow together, complement each other, even compete in good faith in all areas, including technology, production, purchasing, sales, and quality. This will enable its business to expand and associate with other companies operated by the whole HHI group, sources report.
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