Hyundai Heavy Industries completes purchase of Doosan Infracore
By Chad Elmore19 August 2021
Doosan Infracore will become a subsidiary of newly created Hyundai Genuine (HG) group alongside Hyundai Construction Equipment.
August 19 is the official close and completion date of Doosan Infracore sale 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 us much closer to achieving the goal of becoming a global Top 5 player.
Reportedly, the plan is to manage overlapping investments and invest heavily in areas like 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 are expected to grow together, complement each other, even compete in good faith in all areas, including technology, production, purchasing, sales, and quality.
For Doosan Infracore’s part, the move “will enable our business to expand and associate with other companies operated by the whole HHI group.”