An intermediary holding company, Hyundai Genuine, was formed following the takeover in August of Doosan Infracore by Hyundai Heavy Industries Group. Doosan Infracore has since been renamed Hyundai-Doosan Infracore.
The new group aims to capture 5% of global equipment sales by 2025. The organization said it will develop integrated platforms of excavators and wheel loaders, by 2025, to be used. by both companies. The two manufacturing companies will combine their research and development efforts to increase their technological competitiveness.
Hyundai Construction Equipment (HCE) and Hyundai-Doosan Infracore will continue to operate under their own structure and management systems, competing as sister companies in the global equipment market. Hyundai Genuine will support both companies, while maximizing the synergies available between the two.
Original Hyundai operation
- Hyundai Construction Equipment and Hyundai-Doosan Infracore Compete in Global Equipment Market
- Technological synergies will begin with the joint development of integrated platforms for excavators and wheel loaders
- Hydrogen engines to be developed for construction machinery
- R&D to be combined to push technological development
- Additional investments in mergers and acquisitions, start-ups, automation and electrification
In the future, new investments will be increased to secure new generation business activities. Plans include the development of hydrogen engines for construction equipment, further mergers and acquisitions, investments in start-ups and closer cooperation between industry and universities to develop cutting-edge expertise in automation. and electrification.
Hyundai Heavy Industries group chairman Kwon Oh-gap has pledged to develop the construction equipment business as a core business of the group, a move that will be supported by further investment at the group level.
Meanwhile, Hyundai Construction Equipment Americas (HCEA) announced that its parent company, HCE, plans to invest $ 170 million in its Ulsan plant to increase production capacity by 50% to 15,000 pieces of equipment. The investment will be spread over four years.
“This increase in manufacturing capacity means that Hyundai will be able to cope with the global growth in construction activity,” said Stan Park, president of HCEA. “For North America, this allows us to better meet the demand resulting from planned investments in infrastructure expansion. “
Hyundai Construction Equipment’s investment is focused on restructuring production lines to maximize and expand the production capacity of excavators, wheel loaders and other types of construction equipment.