South Korean manufacturing company
HD Hyundai Infracore Co., Ltd.
(
Korean
:
에이치디現代인프라코어
;
RR
:
Eichidi Hyeondae Inpeulakoeo
), formerly known as Doosan Infracore, is a
South Korean
company that manufactures
construction equipment
and commercial and military
engines
. It is one of the largest
construction equipment
manufacturers by sales revenue.
[2]
Doosan Infracore was acquired by
Hyundai Heavy Industries Group
in 2021.
History
[
edit
]
Daewoo Heavy Industries
[
edit
]
Daewoo Heavy Industries was founded in 1937 as Chosun Machine Works when
Korea was under Japanese rule
.
[3]
After Japan's withdrawal from Korea, the company was nationalized by the government and was transformed into a public company in 1963 as Hankook Machine Industrial. In 1969, Hankook Machine was privatized after being sold to
Shinjin Group
. In 1975, the company began producing diesel engines with financial support from the German government and technical collaboration with
MAN SE
.
However, the company was financially strapped due to the lack of domestic demand and unstable direction, and Shinjin had to sell the company back to a government-controlled bank. Then, in 1976,
Daewoo Industrial
and its affiliates purchased a 44.8% stake in the total share and changed the name to Daewoo Heavy Industries.
[4]
[5]
Doosan Infracore
[
edit
]
During the
financial crisis in 1997
, Daewoo collapsed, and its affiliates were sold to other companies. Daewoo Heavy's shareholders first approved separating the firm's shipbuilding and machinery operations into stand-alone companies,
Daewoo Shipbuilding & Marine Engineering
and Daewoo Heavy Industries & Machinery.
[6]
[7]
In 2005,
Korea Development Bank
and Korea Asset Management Corporation chose a consortium led by
Doosan Heavy Industries
as a prime bidder for Daewoo Heavy and officially signed a contract. After the acquisition, Daewoo Heavy was renamed Doosan Infracore.
[8]
[9]
Doosan Infracore expanded the heavy equipment business by acquiring global players. In March 2007, the company acquired Yantai Yuhua Machinery, a
wheel loader
maker, for 22 million yuan.
[10]
Doosan recorded South Korea's largest international acquisition by purchasing
Bobcat
and other construction equipment units from
Ingersoll Rand
for $4.9 billion in November 2007.
[11]
[12]
Doosan's European subsidiary took over Norwegian
dump trucks
firm
Moxy Engineering
for €55 million in 2008.
[13]
Hyundai Doosan Infracore
[
edit
]
Alike Daewoo in 1997,
Doosan Group
also faced a liquidity crisis due to years of declining orders amid an economic slowdown. Doosan decided to sell a stake held by Doosan Heavy in Doosan Infracore to improve its financial structure. In 2021,
Hyundai Heavy Industries Group
purchased a 35 percent stake in Doosan Infracore for 850 billion won.
[14]
[15]
However, Doosan Infracore's 51 percent stake in Doosan Bobcat was not included as part of the sale.
[16]
See also
[
edit
]
References
[
edit
]
- ^
a
b
c
d
e
f
g
h
i
j
"HD Hyundai Infracore 042670"
. FnGuide. 2022. Archived from
the original
on 31 January 2024
. Retrieved
31 January
2024
.
- ^
International Construction (May 2020).
"World's top 50 reveled"
(PDF)
.
www.khl.com
. KHL Group.
- ^
Various (2021-07-14).
Routledge Library Editions: Business and Economics in Asia
. Routledge. p. 148.
ISBN
978-0-429-76644-2
.
- ^
Routledge Library Editions: Business and Economics in Asia
.
Taylor & Francis Group
. November 5, 2018. p. 148.
ISBN
978-1138482746
.
- ^
Chung, Kae H.; Lee, Hak Chong (November 3, 1989).
Korean Managerial Dynamics
.
Praeger
. p. 239.
ISBN
978-0274640393
.
- ^
"Daewoo Heavy's Shareholders Approve Separation of Shipbuilding and Machinery"
.
Wall Street Journal
. Seoul. June 27, 2000.
- ^
Baek, Min-jeong; Cho, Hyun-suk; Lee, Tae-hee (January 14, 2022).
"KSOE quits efforts to acquire DSME, FTC says"
.
Korea JoongAng Daily
.
- ^
Jung, Ha-won (April 29, 2005).
"Doosan Heavy completes Daewoo Heavy takeover"
.
Korea JoongAng Daily
.
- ^
Song, Jung-a; Guerrera, Francesco (January 11, 2005).
"Doosan agrees to buy Daewoo Heavy for $1.8bn"
.
Financial Times
. Seoul/Hong Kong.
- ^
Cho, Jin-seo (April 23, 2007).
"Doosan Infracore Plans Active Expansion in China"
.
The Korea Times
.
Yantai
.
- ^
Chen, Shu-Ching Jean (July 30, 2007).
"Ingersoll-Rand Unloads Bobcat To S. Korea's Doosan"
.
Forbes
.
- ^
"Doosan Bobcat builds global center in U.S. for biz cooperation"
.
Yonhap
. Seoul. November 17, 2019.
- ^
"Doosan takes over Norwegian dump trucks firm Moxy"
.
Construction News
. August 26, 2008.
- ^
"Cash-strapped Doosan to sell core construction equipment maker unit"
.
Yonhap News Agency
. Seoul. June 16, 2020.
- ^
Nam, Kwang-sik (August 20, 2021).
"Hyundai Heavy completes takeover of Doosan Infracore"
.
Yonhap News Agency
. Seoul.
- ^
Kang, Doo-soon; Song, Gwang-sup; Park, Jae-young; Cho, Jeehyun (September 29, 2020).
"Doosan Infracore tender draws bids from Hyundai Heavy, top-tier PEFs"
.
Maeil Business Newspaper
.
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