Doosan Bobcat Enters Forklift Business... Acquires 100% of Doosan Industrial Vehicle Division

[Asia Economy Reporter Jeong Hyunjin] Doosan Bobcat announced on the 11th that it will enter the Doosan forklift business by acquiring 100% of the shares of Industrial Vehicles BG, Doosan Corporation's forklift division.

Doosan Bobcat made this decision at a board meeting held on the same day. The acquisition amount is 750 billion KRW, and the contract is planned to be finalized around July. Doosan Bobcat explained that through this entry into the forklift business, it plans to expand its portfolio into the high-growth logistics business and maximize synergy by leveraging its brand power as the world's number one small construction equipment company and its global network.

Doosan Corporation's Industrial Vehicles BG recorded sales of 912.7 billion KRW and an operating profit of 61.6 billion KRW as of 2019, with an average annual sales growth rate of 6.8% over the past five years. Its flagship product, forklifts, maintains a 54% market share in the domestic market, ranking first.

Doosan Bobcat has been strengthening new growth engines, successfully establishing itself in the market last year by newly launching agricultural and landscaping products. A Doosan Bobcat official said, "We expect various synergies across the entire value chain, including joint use of domestic and overseas distribution networks and R&D collaboration such as unmanned automation technology."

This content was produced with the assistance of AI translation services.