HHI spin off Construction Equipment division
Hyundai Heavy Industries announce new spin-off company – Hyundai Construction Equipment Co.
HYUNDAI have announced the ‘spin off’ of their Construction Equipment division from Hyundai Heavy Industries Company Ltd (HHI), with a new mother company for construction equipment and forklifts, Hyundai Construction Equipment Company, having been officially established on 1 April 2017.
Hyundai say the ‘spin off’ is based on a restructuring plan that began last year and will give the Construction Equipment division greater possibilities and improved agility. The newly established company will be able to make independent decisions in the interests of industries and markets worldwide, with the aim of growing its market share.
In Europe, the name of the company will change during the course of this year to Hyundai Construction Equipment Europe and its European headquarters will move to Tessenderlo, in Belgium.
This €30 million investment project on 81,000 square meters of land will see the creation of a new head office facilities, a new warehouse, a training facility, an event hall and a showroom, all of which are now under construction.
For 2017, Hyundai say their European strategy is to focus on the mini-excavator market and wheel loaders active in recycling and closely related industries, while in the forklift business division, priority will be given to the heavy diesel forklift market and the warehouse range. Both divisions will also focus more on parts sales.
To gain success in these areas, Hyundai Construction Equipment Europe plan to further expand their dealer network, widen their product range and focus on key customers.