HD Hyundai Oilbank Directly Exports Lubricants to North American Market

Supply to HD Hyundai Site Solution

HD Hyundai Oilbank has entered the North American market by supplying its lubricant XTeer products to HD Hyundai Site Solutions, a global industrial vehicle manufacturer.

The supplied products are lubricants used to enhance the efficiency of industrial vehicles, such as hydraulic oil and transmission oil, with an annual supply volume of 25 TEU containers (1 TEU equals one 6-meter container).

The North American market is the world's largest lubricant demand region, but major companies have already established their presence, resulting in domestic manufacturers holding less than 0.1% market share. This collaboration is evaluated as breaking down the high entry barriers of the North American market and establishing a foothold for expanding the industrial vehicle lubricant market.

The two companies, affiliates of HD Hyundai, began their supply cooperation business targeting a total of seven countries including Qatar and Honduras in 2022, continuously expanding their global business scope.

Cho Hwi-jun, Head of the Lubricant Business Division at HD Hyundai Oilbank, said, “It is significant that the domestic lubricant brand XTeer has been supplied to the North American market, which has high entry barriers. Going forward, we will strengthen our position as a reputable export brand by supplying our lubricants to global industrial vehicle manufacturers through collaboration with HD Hyundai affiliates.”

Heo Kwang-hee, Head of the Industrial Vehicle Division at HD Hyundai Site Solutions, stated, “We judged that the competitiveness of XTeer products is excellent for application in industrial vehicles. We will actively expand product supply through cooperation between the two companies.”

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