Doosan Infracore has purchased Norwegian articulated dump truck manufacturer Moxy Engineering AS for €55 million (around £44m)
Moxy, located in Molde along Norway's west coast, owns the source technology for 23 ~ 46 ton-class ADTs, and has networks for 61 dealers in Europe and North America, in addition to local sales corporations and R&D centers in the U.S. and the U.K.
At present, the world ADT market has grown by an average of 18 percent over the past 3 years thanks to the rapid development of mines following the jump in raw material prices.
Doosan Infracore plans to increase the annual sales of Moxy by 5-fold to €250 million by 2012, fully utilizing its network of 300-plus dealers in China, Europe and North America.
Doosan Infracore believes it can establish a brand image as a business specializing in construction equipment by taking over Moxy, whose brand value has been recognized in the large-sized equipment market, along with its exiting production facilities for mid/large-sized excavators, wheel-loaders and the small construction equipment of Bobcat. It also expects that the joint operation of the network of existing and newly acquired dealers and the expanded product lineup will enable it to expand to large-sized excavators and wheel-loaders and carry out package sales towards large-sized equipment purchasers, thus, laying the basis for accomplishment of its vision of "Global Top 3 in Construction Machinery by 2012."
Doosan Infracore Senior Managing Director Kim Dong-chul (Head of the Construction Machinery BG) said, "Although Moxy's sales volume is not very large, it owns the source technology for ADTs. Therefore it will play a pivotal role in the Infrastructure Support Business, if its smoothly linked with Doosan Infracore's ongoing business. Utilizing the takeover as a momentum, we will push ahead with a positive foray into the mining equipment market, in addition to the heavy construction equipment business."