Doosan Infracore had sold its wholly-owned subsidiary, Montabert – the French quarrying equipment maker and hydraulic hammer specialist – for $123m to US-based Joy Global.
Doosan said in a statement that it is selling non-core assets to focus on its main businesses, and would use the funds to pay down refinanced debt on US-based heavy equipment manufacturer Bobcat, which the Doosan Group acquired in 2007.
Established in 1921 in Saint-Priest, near Lyon, Montabert is a reference in the field of percussion. Net sales for the company in the 12 months ending March 2015 for were $100m.
“Despite tough markets, we remain committed to improving our business during this cyclical downturn and bolstering our strategic position as a first tier supplier to the underground hard rock mining market,” said Joy Global CEO Ted Doheny.
“The Montabert product line will complement our existing fleet of hard rock equipment and leverages our global service centre infrastructure providing long-term value to our shareholders. In addition, it diversifies our products and reduces exposure to the market.”
Joy Global has annual revenues exceeding $3bn and is a leading manufacturer of giant P & H shovels.
