"This Year's Sales Expected to Reach 1 Trillion Won for the First Time Since Establishment"
[Asia Economy Reporter Kim Heung-soon] Doosan Corporation's Industrial Vehicle BG, responsible for forklifts and warehouse equipment logistics business, is making a fresh start as an independent company, 'Doosan Industrial Vehicle'. Doosan Industrial Vehicle is expected to be incorporated as a subsidiary of Doosan Bobcat, a small construction equipment company.
Doosan Industrial Vehicle announced on the 1st that the spin-off from Doosan Corporation was completed, and the board of directors appointed Kim Tae-il, vice president who had been leading the Industrial Vehicle BG, as the CEO.
Earlier, Doosan Industrial Vehicle decided in March to acquire the Industrial Vehicle division from Doosan Corporation for 750 billion KRW. The acquisition process is scheduled to be completed on the 5th, after which it will be incorporated as a subsidiary of Doosan Bobcat.
Founded in 1968, Doosan Industrial Vehicle was the first company in Korea to start producing forklifts. It has recorded an average annual sales growth of about 7% over five years since 2015. It offers a variety of products including 1.5 to 30-ton engine forklifts, 1 to 5-ton electric forklifts, and warehouse logistics equipment. Recently, it also developed and launched unmanned forklifts and lithium battery forklifts.
A Doosan Industrial Vehicle official said, "Sales volume surged this year in North America and other regions, and it is expected to achieve sales exceeding 1 trillion KRW for the first time since the company's establishment."
Doosan Bobcat expects that by entering the forklift business through the acquisition of Doosan Industrial Vehicle, it will expand its portfolio and maximize synergy by leveraging brand power and global networks.
A Doosan Bobcat official said, "We anticipate various synergies across the entire value chain, including joint use of domestic and overseas distribution networks, R&D collaboration such as unmanned automation technology, and cost reduction."
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