Hyundai Heavy Industries has separated the construction equipment division of the company into a new entity, based on a restructuring plan that began last year. As of April 1, 2017, Hyundai Construction Equipment Company is responsible for all Hyundai’s construction activities.
HHI will remain as mother company, but the newly formed company will have greater freedom to react to market forces. For Europe, it has been decided that the name of the company will change during the course of this year to Hyundai Construction Equipment Europe.
Hyundai said, “Hyundai Construction Equipment Europe has a strong commitment to growth. This year, the European HQ will move to Tessenderlo, Belgium. This 30m (US$32.2m) investment project will enable Hyundai Construction Equipment to increase its success in Europe. On 81,000m² of land, a new headquarters, a new warehouse, a training facility, an event hall and a showroom are now under construction. This new facility is an excellent step forward for the European division.”
For 2017, the European strategy is to focus on the mini excavator market and wheel loaders active in the recycling and closely related industries. In the forklift business division, priority will be given to the heavy diesel forklift market and the warehousing range. Both divisions will focus more on parts sales.
To gain success in these areas, Hyundai Construction Equipment Europe will further expand the dealer network, widen the product range and focus on key customers.
April 21, 2017