Doosan Infracore s Excavator Sales in China on Roll This Year koreabizwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreabizwire.com Daily Mail and Mail on Sunday newspapers.
Deal faces potential challenges from Korea’s monopoly regulations, and the fate of Doosan Bobcat is uncertain
December 11, 2020
Doosan Group selected Hyundai Heavy Industries Holdings as the preferred bidder for a 36.07% controlling stake in Doosan Infracore Co. The Korea Economic Daily’s sources say the deal would combine Hyundai Construction Equipment Co. and Doosan Infracore to make the seventh-largest global market share, a size similar to Volvo, Hitachi and Liebherr, among the world’s construction equipment manufacturers.
Pulsenews.co.kr reports Hyundai’s bid was nearly 900 billion won ($827.8 million).
The sale of Doosan Infracore is part of the restructuring process for Doosan Heavy Industries & Construction, which was facing a 4.2 trillion won debt load scheduled to come due before the end of the year. The power plant builder took a major hit when the South Korean government chose to depart from nuclear and coal power.
Hyundai Heavy picked as preferred bidder for Doosan Infracore
Posted : 2020-12-11 11:40
Updated : 2020-12-11 11:40
Hyundai Construction Equipment, an arm of Hyundai Heavy Industries Group, said Dec. 9 they sold a $40 million deal to rising foreign markets, including 30-ton excavators to Russia, shown above. Courtesy of Hyundai Construction Equipment
South Korea s power plant builder Doosan Heavy Industries Construction Co. said Thursday that it has tapped a consortium led by Hyundai Heavy Industries Holdings Co. (HHIH) as the preferred bidder for the sale of its 35.4 percent stake in Doosan Infracore Co.
Doosan Heavy Industries Construction said in an emailed statement it will conclude the deal with the consortium led by HHIH to sell its entire stake in Doosan Infracore. It did not provide a specific time frame.