Develon, Hyundai Merger Forms Korea's Largest Construction Equipment Company

As of January 1, the merger of Hyundai Construction Equipment and HD Hyundai Infracore has been completed, with HD Construction Equipment emerging as Korea’s largest comprehensive construction equipment company, with sales of approximately $5.5 billion.

A launch ceremony, held on New Year's Day at HD Hyundai’s Ulsan, South Korea campus, marked the successful completion of all merger activities between the subsidiaries. Moon Jae-young was appointed as the new company’s first president.

History of Events Leading Up to the Merger

Before we get into the details, here’s a brief rundown of the events that took place leading up to the merger:

2005: Doosan acquired Daewoo machinery and rebranded it as Doosan.

2007: Doosan acquired Bobcat in a $4.9 billion deal.

2018: Doosan Bobcat and Doosan Infracore North America separated into two independent companies.

2022: Hyundai Heavy Industries purchased Doosan Infracore after the company ran into financial trouble and decided to sell its construction equipment segment to pay off debt. Doosan Infracore and Hyundai Construction Equipment became subsidiaries of the new Hyundai Genuine Group. The deal included all of Doosan’s construction equipment and engines, except for Bobcat products, which remained with Doosan.

2023: A series of name changes were rolled out that affected multiple entities:

• The Doosan construction equipment brand name was changed to "Develon," and its corporate name became "HD Hyundai Infracore."
• Hyundai Construction Equipment’s name was changed to “HD Hyundai Construction Equipment.”
• Hyundai Genuine, holding company for both HD Hyundai Construction Equipment and HD Hyundai Infracore, changed its name to “HD Hyundai XiteSolution." (“Xite” is the name Doosan launched in 2020 for its XiteCloud products designed to incrementally commercialize its autonomous equipment technology, some of which was unveiled at ConExpo 2023.)
• The parent company for these three entities is HD Hyundai, rebranded from Hyundai Heavy Industries.

2025: Parent company HD Hyundai announced the impending merger of HD Hyundai Construction Equipment, which carried the Hyundai brand, and HD Hyundai Infracore, which carried the Develon brand, into HD Construction Equipment.

2026: The merger of Hyundai Construction Equipment and HD Hyundai Infracore is completed, creating HD Construction Equipment.

HD Hyundai Chairman Kisun Chung delivers a congratulatory speech, saying, "I expect us to become another 'Global No. 1,' following in the footsteps of our shipbuilding business."HD Construction EquipmentAn Ambitious Future

With the merger in the rearview, HD Construction Equipment hopes to leverage synergies between Hyundai and Develon to establish them as “globally recognized top-tier brands” and achieve $10 billion in sales by 2030, a 95% increase from 2024.

HD Hyundai Infracore (Develon) ranked 21 in global construction equipment manufacturers with sales of $3 billion, and HD Hyundai Construction Equipment (Hyundai) ranks 25 at $2.5 billion in sales, according to the 2024 Yellow Table by KHL.

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The company is focusing on growth across all business areas, with an emphasis on its core construction equipment sector, its engine business and aftermarket services. Global production systems will be established to maximize sales and cost competitiveness between the two construction equipment brands. In North America, Develon and Hyundai equipment will continue to be sold through their separate dealer networks.

To improve cost competitiveness, HD Construction Equipment announced plans to minimize overlap in product lineups, focus on each brand's flagship products, and leverage economies of scale in shared costs, such as procurement and logistics. The company operates production facilities in Ulsan, Incheon, and Gunsan, South Korea, as well as in India, China, Brazil and Norway.

HD Construction equipment says the release of its next-generation excavators will be key to expanding its global market share, especially in North America, the world’s largest market. Following last year's launches in Korea and Europe, the new models will make their U.S. debut at ConExpo 2026 this March.

The new Hyundai and Develon excavators will offer many technological advancements, including a Full Electro-Hydraulic system, Smart Around View Monitoring, Radar Object Warning System, Virtual Wall and Advanced Lift Assist.

Additionally, it plans to identify new growth opportunities by expanding its engine business into power generation, defense, and eco-friendly energy sectors, while also developing its compact construction equipment line to meet the demands of advanced markets and ensure balanced growth.

At the launch of HD Construction Equipment, HD Hyundai Chairman Chung Ki-sun said, "I anticipate that HD Construction Equipment’s relentless pursuit of excellence will facilitate its entry into emerging markets and drive the development of next-generation models. By restructuring production, quality, and global sales, we aim for you to become our next 'Global No. 1,' following the success of our shipbuilding business."

The current stock of HD Hyundai Construction Equipment will continue to trade without interruption; however, its ticker symbol will change to “HD Construction Equipment.”

Trading of HD Hyundai Infracore stock was halted on December 29, 2025. New shares of HD Construction Equipment will be issued to former shareholders of HD Hyundai Infracore, with trading expected to begin on January 26, 2026.