DIV is due to be incorporated as a subsidiary of Doosan Bobcat on July 5

Doosan Industrial Vehicles (DIV), the stand-alone materials handling division of Korean industrial giant Doosan, expects new synergies after being acquired by Doosan Bobcat.

DIV is due to be incorporated as a subsidiary of Doosan Bobcat on July 5, upon completion of the acquisition process.

A DIV spokesperson says: "We are expecting our annual sales in 2021 to surpass KRW1 trillion (USD884 million) for the first time since the company was founded, as our sales volume surges due to increased demand for our products in North America and beyond."

A Doosan Bobcat official, meanwhile, says the merged entity "anticipates the creation of synergistic effects driven by deeper cost reduction and stronger dealer networks, coupled with the expansion of our product portfolio and enhanced organisational influence".

DIV is expanding its business portfolio based on new technologies such as a real-time data collection, utilisation and automation system equipped with Lin-Q, a telematics system DIV developed.

Founded in 1968, DIV was the first company to produce forklifts in Korea, and is now the market leader with an unrivalled share of the Korean forklift market, which has been growing at an average annual rate of 7% since 2015. DIV boasts diverse product lines including 1.5 - 30 T engine forklifts, 1 - 5 T electric forklifts and logistics equipment for warehouses.

In line with the growing trend towards digital transformation and the sharing economy, DIV has been running a 'downstream' business that provides total services comprising forklift rental, used equipment sales and vehicle maintenance services since 2018.