Hyundai Construction signs 500 billion won equipment deal

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Hyundai Construction signs 500 billion won equipment deal

Hyundai Construction Equipment, a spin-off of major shipbuilder Hyundai Heavy Industries, said Monday that it signed a deal valued at 500 billion won ($447 million) to provide a total of 2,200 mini-excavators to British construction equipment maker CNHi by 2021.

The company said it also inked a series of other deals, including one to provide 285 forklift trucks to U.S. company Oldcastle.

Hyundai Construction said it plans to jack up its sales in North America by 40 percent this year. The company also seeks to raise its sales in Europe by 10 percent in 2017.

The company, which was spun off from Hyundai Heavy in June, has said it aims to become one of the world’s top five construction equipment makers by 2023 with sales reaching 7 trillion won.

Currently, its bigger rival Doosan Infracore dominates the domestic construction equipment market.
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