SEOUL, KOREA, WEST FARGO, ND and CHARLOTTE, NC – November 30, 2007 – Doosan Infracore today announced that it has completed the acquisition of the Bobcat, Utility Equipment and Attachments businesses from Ingersoll Rand Company, Ltd. (NYSE: IR).
Doosan said that the three entities will operate as individual businesses of Doosan Infracore International, a US-based subsidiary of Doosan Infracore, and will be known as Bobcat, Doosan Infracore Portable Power (formerly Ingersoll Rand Utility Equipment), and DII Attachments (formerly Ingersoll Rand Attachments).
“With the completion of this transaction, Doosan is extremely well-positioned to become a true global leader in the construction equipment sector. These three businesses each have superior operations with high quality products that will enhance Doosan’s overall product portfolio by adding compact construction equipment to our existing medium and large-scale construction equipment product lines. With operations in China, Belgium, France and the Czech Republic and across the United States, the addition of these businesses will expand and strengthen our global manufacturing and sales networks, enabling us to reach more customers with a broader product portfolio than ever before,” said Yongmaan Park, Vice-Chairman of Doosan Infracore.
David Rowles, CEO of Doosan Infracore International, said, “We will focus on growing these businesses by utilizing the great capabilities and talents of our combined organizations to deliver superior value to all of our stakeholders.”
As announced on July 29, 2007, Doosan Infracore has paid $4.9 billion for Bobcat, Utility Equipment and Attachments businesses in the largest overseas acquisition in Korea’s history.
With the completion of this transaction, Doosan Infracore becomes one of the top ten global manufacturers of construction and utility equipment and related attachments in terms of pro forma sales, which will be approximately $7.5 billion. The Company will now have a combined network of over 3,500 dealers worldwide and 20 manufacturing plants in the U.S., Europe and China.