An intermediary holding company, 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 but with shared platforms.
Hyundai Genuine will provide support to both businesses, while 鈥渕aximising the available synergies鈥�, the company said
Research & development efforts are being combined.
The target is for the two brands to capture 5% of global markets by 2025. This is to be initially be achieved through the development of integrated excavator and wheeled loader platforms 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.
Further ahead, plans include the development of hydrogen engines for construction equipment, further mergers and acquisitions, investment in start-up businesses and closer industry-university cooperation to develop expertise in automation and electrification.
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