Doosan Bobcat has acquired 100% stake in the Doosan Industrial Vehicles Business Group of Doosan Corporation for USD 660 million (KRW 750 billion), incorporating it as a subsidiary named Doosan Industrial Vehicles (DIV).
DIV’s board of directors has appointed executive vice president, Taeil Kim, the head of DIV BG since 2020, as the CEO of DIV.
Founded in 1968, DIV was the first company to produce forklifts in Korea and has been growing at an average annual rate of 7% since 2015.
DIV offers a wide range of material handling equipment including forklift and warehouse equipment. Its product lines include 1.5–30 t engine forklifts, 1–5 t electric forklifts and logistics equipment for warehouses. In line with the growing trend towards digital transformation and the sharing economy, DIV has been running a ‘downstream’ business that provides total services comprising forklift rental, used equipment sales and vehicle maintenance services since 2018.
DIV is expanding its business portfolio based on new technologies such as a real-time data collection, utilization and automation system equipped with Lin-Q, a telematics system developed internally. The company projects its annual sales in 2021 to surpass USD 878 million (KRW 1 trillion) for the first time since the business was founded, as sales volumes surge due to increased demand for DIV products in North America and elsewhere.
Following DIV’s incorporation as one of its subsidiaries, Doosan Bobcat anticipates the creation of synergistic effects driven by R&D collaboration, expansion of its product range, cost reduction and stronger distribution networks.
