Hyundai Heavy unit inks slew of excavator supply deals

SEOUL-- Hyundai Construction Equipment Co., a unit of major shipyard Hyundai Heavy Industries, said Monday that it has signed a deal valued at 500 billion won (US$447 million) to provide a total of 2,200 miniexcavators to Britain-based construction equipment maker CNHi by 2021.

The company also has inked a series of other deals, including one to provide 285 forklift trucks to U.S. firm Oldcastle.

Hyundai Construction said it plans to jack up its sales in North America by 40 percent this year. The company also seeks to raise its sales in Europe by 10 percent in 2017.

The company, that was spun off from Hyundai Heavy in June, said earlier it aims to become one of the world's top five construction equipment makers by 2023 with sales reaching 7 trillion won.

Currently, its bigger rival Doosan Infracore Co. dominates the domestic construction equipment market.

Source: Yonhap News Agency

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