An intermediary holding company, Hyundai Genuine, has been established, following the purchase in August of Doosan Infracore, by Hyundai Heavy Industries Group.
Doosan Infracore has since been renamed Hyundai-Doosan Infracore. 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.
Hyundai Genuine’s intention is to rank among the Global Top 5 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, that will be utilised 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.