Doosan Infracore is investing KRW300 billion (USD330 million) in a new construction equipment and forklift plant to meet its KRW10 trillion (USD11 billion) sales target by 2010.
The South Korean manufacturer aims to be ranked among the world's top forklift manufacturers by 2010. Corporately, Doosan wants to be in the world's top five infrastructure support business players by 2015.
The new facility, to be completed by 2009, will be built on a 1.12 million square metre site at the National Industrial Complex, at Gunsan City, north Jeolla province. The addition of the plant will see Doosan's capacity rise to 31,000 excavators and 55,000 forklifts a year. Doosan's Incheon plant can produce 9,700 excavators and 35,000 forklifts a year.
At a ceremony to formalise an investment agreement with Gunsan City, Doosan Infracore president Choe Sung-chul said the company would develop the Gunsan plant "into one of Korea's most important production facilities".
Gunsan mayor Moon Dong-shin and Jeolla governor Kim Wan-ju said the project had their full support.
The industrial complex is beside New Gunsan Port and the West Coast Expressway.