Doosan Bobcat

□ Doosan Bobcat decides to enter the forklift business.

□ At a board meeting held on March 11, Doosan Bobcat decided to take over 100% of Doosan’s forklift business, for about KRW 750 billion, with plans to finalize the contract by July of this year.

□ Under the new arrangement Doosan Bobcat will be able to expand its business portfolio into logistics, a business area with great growth potential, and maximize synergy by utilizing its brand power and global network, as the leader of the global market for compact construction equipment.

□ In 2019, the forklift business division posted sales of KRW 912.7 billion and an operating profit of KRW 61.6 billion. Over the past five years, it has recorded annual average sales growth of 6.8%. It currently holds a whopping 54% share of Korea’s forklift market.

□ Doosan Bobcat is also bolstering its efforts to promote new growth engines, including the agricultural and landscaping equipment business that it has successfully run since its launch in 2020.

□ An executive of Doosan Bobcat said, “We expect synergy across our entire value chain, based on the joint use of our domestic and overseas distribution networks, collaborative R&D on full automation technology, and much more.”