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Korean forklift and construction equipment manufacturer, Doosan Infracore, has agreed to purchase the US-based utility equipment business, Bobcat, in a deal worth almost $5 billion.
The Bobcat business, which employs nearly 5,700 people worldwide, collectively generated approximately $2.6 billion in revenues in 2006.
The deal is also thought to be the biggest overseas acquisition by a South Korean company and will expand Doosan’s presence in key geographic regions, especially North America and Europe.
Yongmaan Park, the Vice Chairman of Doosan Infracore, believes the business will add key managers and engineers to the business, as well as a high profile brand name and significant marketshare.
Said Mr Park: “Bobcat has outstanding management personnel and engineers, which we consider to be the most important criteria of our acquisition strategy. We therefore plan to support the current management to best utilise their expertise and skills in an effort to evolve Doosan Infracore into truly a global company.”
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