Dropping the Doosan name comes 18 months after Doosan Infracore was acquired by Hyundai Heavy Industries and became a subsidiary of HD Hyundai.
The new name, Develon, has been chosen as a contraction of the words 鈥榙evelop鈥� and 鈥榦nwards鈥�, the new owners said.
鈥淥ur three construction equipment businesses have already solidified their status as one of the key business pillars of HD Hyundai and have built an unwavering foundation for achieving performance targets and creating synergistic effects among them, amid the rapidly changing global economic environment,鈥� said Hyundai Doosan Infracore chief executive Cho Young-cheul. 鈥淒evelon will lead the future market of electrification and automation to spur growth and continue to be a brand of choice for our customers.鈥�
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