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On January 1, 2018, Doosan and Doosan Bobcat were separated into independent companies. [6] In July 2021, Doosan Infracore was acquired by Hyundai Heavy Industries, which paid approximately $722.45 million for a 30% controlling stake in the company. Doosan Infracore is planned to become a subsidiary of the newly created Hyundai Genuine group. [7]
The Hyundai Group started as a small South Korean construction firm in 1947, headed by its founder, Korean entrepreneur Chung Ju-yung. [8] Another widely known and closely related Korean company, the Hyundai Motor Company, was founded in 1967, five years prior to the founding of the Heavy Industry Group. The motor company was also founded by Chung.
The sale included the Construction Equipment Group of Ingersoll Rand. [14] In July 2021, Doosan Infracore was acquired by Hyundai Heavy Industries, which paid approximately $722.45 million for a 30%, controlling stake in the company. Doosan Infracore will become a subsidiary of the newly created Hyundai Genuine group. [15]
In 2021, Hyundai Heavy Industries Group purchased a 35 percent stake in Doosan Infracore for 850 billion won. [14] [15] However, Doosan Infracore's 51 percent stake in Doosan Bobcat was not included as part of the sale. [16] Hyundai Doosan Infracore changed its brand name to Develon and adopted the new corporate name HD Hyundai Infracore in 2023.
HD Hyundai started its shipbuilding business in a small village in Ulsan, South Korea, in 1972 and grew into a global heavy industries company. It is a major supplier in the heavy industries and energy sector, ranging from shipbuilding and marine engineering to oil refining, petrochemicals, and smart energy management businesses.
The Discover Boating Chicago Boat Show was voted one of the top such events in the nation, according to a USA TODAY / 10best readers' choice poll.
The Hyundai Motor Group Innovation Center in Singapore (HMGICS) is built in Jurong and produces the Hyundai Ioniq 5 since 2023. Hyundai plans to produce 30,000 battery electric models a year at the plant, of which about 6,000 will be sold in Singapore. [42] [43]
The group was formed through the purchase of 51% of Kia by Hyundai Motor Company in 1998. As of 2011, Hyundai owns 33.7% [5] of Kia Motors.. On 22 May 2022, the Hyundai Motor Group announced the company would invest an additional $5 billion in the United States by the year 2025.