Doosam buys Bobcat
19 March 2008
South Korea's Doosan Infracore has agreed to buy Ingersoll Rand's construction equipment businesses, including Bobcat, the world's largest manufacturer of compact equipment, for US$4,9 billion (€3,6 billion). The deal is the largest-ever acquisition in the construction equipment sector.
The acquisition includes Ingersoll Rand's attachments and utility equipment businesses, as well as Bobcat. These had total sales of $2,6 billion (€1,9 billion) last year, and generated operating profits of $370 million (€263 million). The assets being acquired include 16 factories in six countries around the world, and it also gives Doosan access to a network of more than 2700 dealers in the US and Europe.
Upon completion, Doosan will have a combined network of more than 3700 dealers worldwide, and 20 manufacturing plants. According to the company, the deal will also make it the seventh largest construction equipment manufacturer in the world.
Yongmaan Park, vice chairman of Doosan Infracore, said they would “maintain the current management to best utilise their expertise and skills in an effort to evolve Doosan Infracore into a truly global company.”