Doosan to acquire Moxy

Doosan Infracore has acquired Norwegian articulated dump truck (ADT) manufacturer Moxy for € 55 million through its European subsidiary DIEU. The company says it wants to increase Moxy's sales fivefold by 2012, from last year's € 54 million to € 250 million.

Moxy makes ADTs from 23 to 46 tons (21 to 42 tonnes) payload capacity. According to Doosan, the market for these machines is KRW 3.4 trillion (€ 2,13 billion) per year, and has grown at an average annual rate of +18% over the last three years.

According to Doosan, Moxy is currently 7^th in terms of market share in the ADT sector. Its sales of € 54 million against a market of € 2,13 billion implies a market share of 2,5%.

Moxy currently has a network of 61 dealers in Europe and North America, with sales subsidiaries and R&D centres in the US and UK. One of the ways Doosan hopes to grow sales is by making use of its own network of more than 300 dealers in China, Europe and North America.

The addition of ADTs to Doosan's portfolio could also see it develop larger versions of its existing machines. A statement from the company said, "The expanded product line-up will enable it to expand to large-sized excavators and wheel-loaders and carry out package sales toward large-sized equipment purchasers."

Doosan says it wants to be one of the world's three largest construction equipment manufacturers by 2012. Last year it acquired Chinese wheeled loader manufacturer Yantai Yuhua Machinery and, in the largest acquisition the construction equipment industry has ever seen, Bobcat and other parts of the former Ingersoll Rand construction equipment business.