Doosan acquire Moxy
DOOSAN Infracore have acquired Norwegian-based articulated dumptruck manufacturers Moxy for €55 million (£43.7 million) through their European subsidiary DIEU.
According to the South Korea-based company, the global ADT market has grown by an average annual rate of 18% over the past three years, thanks to more mining developments taking place, following the rise in raw material prices.
Doosan say they will increase Moxy sales (which stood at €54 million last year) fivefold by 2012, by utilizing their network of 300-plus dealers in China, Europe and North America.
Moxy manufacture a range of five ADTs with payloads from 24 to 46 tonnes, and they also produce rigid dumptrucks, having acquired the intellectual property of the Aveling-Barford rigid dumptruck range, as well as the rights to use the famous Invicta logo.
The deal follows the company’s purchases of Chinese wheel loader manufacturers 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.