A Bobcat skid steer loader

Doosan Infracore has agreed to sell its forklift unit to an affiliate and Standard Chartered Plc (STAN) for KRW245 billion (USD230 million) to repay funds it borrowed to buy Bobcat.

According to Bloomberg, the transaction will be completed by the third quarter. A Doosan Corp unit will have a 51% stake in the venture buying the business, with STAN holding the rest.

Doosan Infracore has already raised KRW625 billion (USD581.9 million) from selling assets including a 20% stake in its Chinese forklift unit, as it tries to repay the USD3.9 billion it borrowed from banks for the Bobcat acquisition in 2007, the report said.

Doosan Infracore acquired Bobcat from Ingersoll-Rand Co in 2007 for USD4.9 billion. The deal was said to be the largest overseas acquisition by a South Korean company.

Forkliftaction.com News contacted Doosan Infracore for comment but did not receive a response by press time.