"HD Construction Equipment" to Launch in January Next Year... Merger of HD Hyundai Construction Equipment and HD Hyundai Infracore Approved at Shareholders' Meeting

Overwhelming Approval at Extraordinary Shareholders' Meetings
Aiming for 14.8 Trillion Won in Sales by 2030
Appraisal Rights Exercisable Until October 10

The merger plan between HD Hyundai Construction Equipment and HD Hyundai Infracore has been approved at their respective extraordinary shareholders' meetings, confirming the launch of the national flagship construction equipment company, "HD Construction Equipment."

On the 16th, both companies announced that the merger agreement was approved with 99.91% and 99.24% of attending shareholders voting in favor at the extraordinary shareholders' meetings held at the HD Hyundai Global R&D Center in Bundang-gu, Seongnam, Gyeonggi Province, and at the Incheon headquarters, respectively. The name of the merged corporation has been confirmed as "HD Construction Equipment." Shareholders may exercise their appraisal rights until October 10.

Seunghyun Oh, chairman of the HD Hyundai Infracore shareholders' meeting (left), is presiding over the extraordinary shareholders' meeting held on the 16th at the Incheon headquarters, while Cheolgon Choi, chairman of the HD Hyundai Construction Equipment shareholders' meeting, is conducting the extraordinary shareholders' meeting held at the HD Hyundai Global R&D Center in Seongnam, Gyeonggi Province. HD Hyundai Site Solutions

The two companies, which announced their merger in July, have been pursuing the merger to enable agile market response, secure future technological capabilities, and strengthen cost competitiveness amid global economic uncertainty and intensifying industry competition. The merged entity, HD Construction Equipment, aims to achieve sales of over 14.8 trillion won by 2030 through balanced growth across all sectors, including construction equipment, engines, and the aftermarket (AM) business. To this end, the company plans to unify its decision-making system and focus on securing future growth engines.

An official from HD Hyundai's construction equipment division stated, "We are grateful to the shareholders for their trust and expectations for the merged corporation," adding, "As the national flagship construction equipment company, we will set a new milestone in the development of Korea's construction equipment industry."