AN intermediary holding company, called 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 marketplace.
Hyundai revealed that Hyundai Genuine will provide support to both businesses, while ‘maximising’ the available synergies between the two organisations.
Technological synergies will start with the joint development of integrated excavator and wheeled loader platforms. There are also plans to develop hydrogen engines for construction machinery.
Hyundai Genuine aims to be among the global top five construction equipment manufacturers, capturing 5% of global markets by 2025. 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.