Hyundai Heavy Industries Bids For Doosan Infracore

Hyundai Heavy Industries Holdings Co., and South Korea-based MBK Partners have submitted non-binding bids for a controlling stake in Doosan Infracore Co., valued at up to $850 million, according to press reports from Korea,

Seoul-based Glenwood Private Equity also bid by the Sept. 28 deadline for a 36% stake in the construction equipment unit of Doosan Group.

Hyundai Heavy said in a regulatory filing that it has handed in a preliminary bid for Doosan Infracore. Hydundai formed a consortium with financial investor KDB Investment, a unit of the state-run Korea Development Bank, to bid for the machinery maker, sources said.

Doosan Group is offering a 36% share in Infracore as part of its restructuring efforts for debt-ridden Doosan Heavy Industries & Construction Co. The share owned by Doosan Heavy Industries is estimated to be worth $682 million to $852 million.

Any potential sale does not include Doosan Bobcat, reports indicate. It is thought likely that Doosan Infracore will be spun off as a holding company with the operating company and Bobcat as separate units. Doosan acquired Bobcat from Ingersoll Rand in 2007 for $4.9 billion.

Doosan Group initiated the sales process for Doosan Infracore, the group’s construction equipment builder, in late July. The sale is part of Doosan Group’s efforts to keep Doosan Heavy Industries & Construction afloat. The power plant builder Doosan Heavy took a heavy hit when the government announced plans to depart from nuclear and coal power which had been the core business for the company.

 

Related Articles

Mahle Outlines Future Technology Path
“Improved” activity boosts Volvo CE
Volvo Begins Test Of Electric Construction Trucks
Kenworth Launches Its First Electric Class 8 Truck
AEM: Ag Numbers Are All Good
Rolls-Royce To Expand MTU Mankato Plant
Cummins To Upgrade Seymour Large Engine Plant
Cummins, Bustech To Build Electric, Fuel Cell Buses

Latest News

Premium Forklift Seats
New Digital Master Controls From Cummins
Luomala New CEO At Shaw Development
Parker-Smith To Lead AGCO’s Sustainability Efforts
McFadyen New VP For Fairbanks Morse Aftermarket
Volvo Trucks To Deploy Class 8 Electric Trucks
Mahle Outlines Future Technology Path
U.S. Says China Guilty Of Small Engine “Dumping”
Putzmeister America Names Bartholomew President, CEO

Magazine Issue Archive

Diesel Progress – October 2020
Diesel Progress International September-October 2020
Diesel Progress – September 2020
Diesel Progress – August 2020
Diesel Progress International July-August 2020
Diesel Progress – July 2020
Diesel Progress – June 2020
Diesel Progress International May-June 2020
Diesel Progress – May 2020
Diesel Progress – April 2020

Login

Forgotten Password?

Haven’t got an account? Click here to register.