New company to oversee Doosan and Hyundai Construction
By Andy Brown26 November 2021
It has been announced that, following the purchase earlier this year of Doosan Infracore by Hyundai Heavy Industries Group, an intermediary holding company called Hyundai Genuine (HG) has been set up to oversee both firms.
Doosan Infracore has been renamed Hyundai-Doosan Infracore and both it and Hyundai Construction Equipment will operate as subsidiaries of the newly created HG group. However, they will continue to operate under their own management systems, competing as sister companies within the global equipment market.
HG will provide support to both businesses and help facilitate cooperation – there are several areas where the two companies will work together. This includes the joint development of integrated excavator and wheeled loader platforms by 2025 and working on the development of hydrogen engines for construction machinery.
Doosan Infracore and Hyundai Construction Equipment will work together as part of HG with the aim of becoming one of the world’s top five biggest OEMs. On the latest Yellow Table, International Construction’s ranking of the world’s top 50 OEMs, Doosan was in the top ten and Hyundai was placed number 21.
Hyundai Heavy Industries Group Chairperson Kwon Oh-gap has said that the construction equipment business will be developed as a core sector of the group, and will receive further investment.