Doosan buys Daewoo (DHI)

News Story
- 26 May 2005 ( #210 ) - SEOUL, Korea, Republic Of
2 min read
The new company logo.
The new company logo.
Doosan Heavy Industries Inc has acquired a 51 per cent controlling stake in forklift manufacturer Daewoo Heavy Industries & Machinery (DHI) for 1.69 trillion won (USD1.7 billion) (Forkliftaction.com News #192).

Doosan purchased the shares from the government-owned Korea Asset Management Corporation and Korea Development Bank after a protracted bidding process(Forkliftaction.com News #182).

The company announced a new board of 13 directors (two of whom were from the old company) and a new name, Doosan Infracore Co Ltd, following an extraordinary general shareholders' meeting at the Korea Chamber of Commerce & Industry.

Doosan Heavy Industries chairman Park Yong-sung is now chairman of Doosan Infracore and Doosan Mecatec president Choe Sung-chul is president and CEO.

According to a statement by Doosan Infracore, Doosan paid two times the market value for DHI and has stated its intention to tap the growing overseas demand for Daewoo forklifts, excavators and other earthmoving equipment.

Doosan Infracore and Doosan Heavy Industries president Park Yong-sung said:
"Since this is the first year of Doosan's globalisation, we should not be content with being the best in Korea, but become number one in the global market. Research and development and new facilities investments will be increased and links will be made between Doosan Infracore and Doosan Heavy Industries to boost corporate stature overseas."

The company has a 58 per cent share of the domestic forklift market in Korea, but 65 per cent of total forklift production is exported to more than 90 countries (40 per cent to Europe).

Forklifts will now be sold in Europe under the Doosan-Daewoo brand, while the domestic market will see the introduction of the sole Doosan name.

Doosan Infracore's current head office in Yeoeuido, Seoul, will move to the Doosan Tower, at Dongdaemun, Seoul, around the end of May.

Doosan, founded in 1896, made its name producing OB Beer before adding construction, engineering and electronics to its portfolio. Doosan is made up of 20 affiliate companies involved in activities ranging from power plant construction, water desalination and diesel engine manufacturing to publishing, shopping malls and professional baseball.
Komatsu buys American Battery Solutions
Komatsu buys American Battery Solutions 23 Nov 2023 - Chicago, IL, United States - 1 min read
Hellmann continues Baltic expansion
Hellmann continues Baltic expansion 16 Nov 2023 - Osnabrueck, Germany - 1 min read
Charles Wilson acquires Australian Boom and Scissor Lift
Charles Wilson acquires Australian Boom and Scissor Lift 9 Nov 2023 - Sydney, NSW, Australia - 1 min read
Previously about:
Doosan dealer yields to economics News Story - 26 Mar 2009 - Rome, GA, United States - 1 min read
Daewoo founder gets 10 years News Story - 1 Jun 2006 - SEOUL, Korea, Republic Of - 1 min read
Texan companies join forces News Story - 22 Dec 2005 - WACO, TX, United States - 2 min read
Combilift, Hangcha, Baoli release new forklifts News Story - 28 Sep 2023 - Monaghan, Ireland - 1 min read
Green Cubes to power Doosan forklifts News Story - 10 Aug 2023 - Kokomo, IN, United States - 1 min read
Strong forklift showing at LogiMAT News Story - 4 May 2023 - Stuttgart, Germany - 9 min read
Do you have materials handling news? Submit your news here
Inside The News
More and more warehouses around the world are turning to robots, as we see in this week’s news with a German fulfilment centre adding robotic assistance... Continue reading

PREMIUM business

GemOne
Telematics for industrial fleets. Fleet & safety management solutions: track vehicles, boost efficiency, operate safer, & avoid unexpected downtime.

“…I'm happy to report that we recently appointed an ideal candidate who found us via the Forkliftaction ad. This speaks volumes from my point of view.”

 - Hamish Clark, President - SEEN Safety Inc.

Recruit your next team member with the help of Forkliftaction, the global platform that serves over 70,000 materials handling professionals.

POST your job vacancy FREE on our jobs pages

Words of support …

After advertising with Forkliftaction.com, we got many enquiries regarding interest to be our distributor. Mostly from Europe and USA but including a few in ASEAN. We feel that the advertisement was useful and good for market expansion.

Lawrence Xu, Assistant Sales Manager - Resonac Asia Pacific Pte Ltd.

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

The newly revised FORKLIFTACTION MEDIA KIT is your got-to for latest website statistics, 2024 special features and contributor package details, current advertising formats and behind the scenes website developments.

DOWNLOAD OUR NEW MEDIA KIT TODAY 

With 2023 website traffic up by 45% YoY Forkliftaction is the premier B2B destination to build your materials handling brand in 2024.

PREMIUM business

VETTER Industrie GmbH
The world's most comprehensive range of forks and the most intelligent sensor fork for more safety and efficiency.

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

Inside The News
More and more warehouses around the world are turning to robots, as we see in this week’s news with a German fulfilment centre adding robotic assistance... Continue reading

PREMIUM business

B & B Attachments
The leading fork lift truck attachment company in the UK and Ireland.

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

“…I'm happy to report that we recently appointed an ideal candidate who found us via the Forkliftaction ad. This speaks volumes from my point of view.”

 - Hamish Clark, President - SEEN Safety Inc.

Recruit your next team member with the help of Forkliftaction, the global platform that serves over 70,000 materials handling professionals.

POST your job vacancy FREE on our jobs pages