Hyundai and Doosan will work more closely following the purchase of the latter by the former
Following the purchase in the third quarter of 2021 of Doosan Infracore, by Hyundai Heavy Industries Group, a new intermediary holding company, Hyundai Genuine, has been established.
Doosan Infracore has now been renamed Hyundai-Doosan Infracore. However, Hyundai Construction Equipment and Hyundai-Doosan Infracore will continue to operate under their own management systems, competing as sister companies within the global equipment market. Hyundai Genuine will provide support to both businesses, while maximising the available synergies between the two.
The technological synergies between the two firms will them starting with the joint development of integrated excavator and wheeled loader platforms. Another project will be the development of hydrogen engines for construction machinery. Research and development is to be combined to push technological advances further. There will also be further investment in mergers and acquisitions, start-up businesses, automation and electrification
Hyundai Genuine’s aim is to rank among the Global Top five construction equipment manufacturers, capturing 5% of global markets by 2025. This will initially be achieved through the development of integrated excavator and wheeled loader platforms by 2025, which will be used by both companies. The two manufacturing businesses will combine their research and development efforts, to increase technological competitiveness, while sales strengths will be increased through mutually complementary ranges of machinery.
Further ahead, new investment will be increased, to secure next-generation business activities. The plans include the development of hydrogen engines for construction equipment, further mergers and acquisitions, investment in start-up businesses and closer industry-university cooperation, to develop market-leading expertise in automation and electrification.
Hyundai Heavy Industries Group Chairperson Kwon Oh-gap has vowed to develop the construction equipment business as a core sector of the group, a decision that will be backed by further investment at group level.
