Doosan Bobcat

Doosan Bobcat Signs an MOU to Expand Hydrogen Forklift Supply in Gwangyang City

Doosan Bobcat, the first company to commercialize hydrogen forklifts in South Korea, is now embarking on an effort to expand the reach of hydrogen mobility.
On November 13th, Doosan Bobcat announced that it had signed a tripartite Memorandum of Understanding (MOU) with Gwangyang City and Korea Logis Pool (KLP) to collaborate on the "Gwangyang Hydrogen City Project" and expand the supply of hydrogen forklifts.
The Ministry of Land, Infrastructure and Transport selected Gwangyang City last year as a Hydrogen City. The Hydrogen City Project plan for Gwangyang encompasses a hydrogen forklift supply initiative, and through this MOU, Gwangyang City, Doosan Bobcat, and KLP will collaborate on the initiative.
Gwangyang City will support administrative permits, infrastructure construction and operations, while Doosan Bobcat will handle the supply, provide information, develop demand for hydrogen forklifts, and proceed with hydrogen charging demonstrations. KLP, the country's largest forklift rental and comprehensive logistics company, will deploy Doosan Bobcat's hydrogen forklifts at the logistics centers in the Gwangyang Port back regions and develop rental services for hydrogen forklifts.
At the signing ceremony held on the 12th, Kim Sangchul, Executive Vice President of Sales for ALAO at Doosan Bobcat Korea, said, "We are delighted to contribute to the government's carbon-neutral policy and the activation of the hydrogen economy as a partner of the Gwangyang Hydrogen City Project," adding, "We will continue to work hard to expand the base of hydrogen mobility."

In August, Doosan Bobcat delivered the first domestic hydrogen forklift to Korea Zinc's Onsan refinery, which received special case clearance for forklift hydrogen refueling stations. Since this milestone, the company has been working to gradually expand the supply of hydrogen forklifts.
Doosan Bobcat is also actively pursuing regulatory reforms regarding hydrogen forklifts. The project to 'establish and operate dedicated hydrogen refueling stations for hydrogen fuel cell forklifts,' for which the company applied for a regulatory exemption, received approval from the Ministry of Trade, Industry, and Energy last month. Consequently, Doosan Bobcat plans to conduct demonstrations using fixed and mobile hydrogen refueling stations for hydrogen forklifts, which are currently limited to use for hydrogen cars.

2024-11-13

Doosan Bobcat Reports Q3 Earnings… Announces to Participate in “Corporate Value-up” Program

Doosan Bobcat announced on October 28th, through a public disclosure, that its third-quarter revenue was USD 1.306 billion, with an operating profit of USD 92 million.
Revenue decreased by 28% YoY amid external uncertainties and dealer inventory adjustment. Operating profit dropped by 59% due to the burden of fixed costs from adjusted production volumes.
Regarding sales by product, Compact Equipment decreased by 30%, Material Handling by 22%, and Portable Power by 17%. Regionally, sales fell by 29% in North America, 28% in EMEA (Europe, Middle East, Africa), and 16% in ALAO (Asia, Latin America, Oceania).
On the same day, Doosan Bobcat also disclosed that it will announce the “Corporate Value-Up Plan.” The company plans to demonstrate its mid-to-long-term shareholder return policy further within the year.

2024-10-28

Doosan Bobcat to Create Synergy through Vertical Integration with Doosan Mottrol

Doosan Bobcat announced that its vertically integrated subsidiary "Mottrol," which specializes in hydraulic components, is expected to relaunch as "Doosan Mottrol."

Doosan Bobcat stated on October 15th that its executives, including CEO and vice chairman Scott Park, visited Mottrol's headquarters in Changwon, Gyeongsangnam-do, South Korea. This marked Doosan Bobcat management's first official visit since it completed the acquisition process on the 4th.
The executives toured the production plant in Changwon. Scott Park announced the new beginning at a town hall meeting attended by some 200 blue- and white-collar employees by declaring Mottrol's name change to "Doosan Mottrol."

At the town hall, Park stated, "I am truly delighted and proud to welcome the employees of Doosan Mottrol to the Doosan Bobcat family, whose world-class quality has been well proven through many years of partnership. We aim to double Doosan Mottrol's sales in the next five years by achieving 'win-win' results and creating synergy."
Doosan Bobcat acquired Doosan Mottrol to assure a stable supply of core components and enhance product competitiveness through vertical integration. Doosan Mottrol expects to grow from product and regional diversification as it seeks to expand its target market from large construction equipment to medium and small construction, agriculture, and logistics equipment.
Youngmin Kwon, President of Doosan Mottrol, remarked, "We are happy to take the first step towards becoming a global leading company alongside Doosan Bobcat. We will strive to improve quality standards further and accelerate the development of new products."
Doosan Mottrol will continue independent management as a separate entity while seeking synergies for external expansion as a subsidiary of Doosan Bobcat, such as securing growth momentum as a global player.

2024-10-15

Doosan Bobcat announces second-quarter operating profit of USD 174 million, with 10.7% operating margin

Doosan Bobcat announced second-quarter 2024 earnings on July 25, reporting revenues of USD 1.629 billion and profit of USD 174 million, and an operating margin of 10.7%.
Due to the high base effect from last year's record-high performance and a slowing demand, revenues and operating profit decreased by 19.9% and 51.2%, respectively, compared to the second-quarter 2023. Net profit also fell by 51.4% to USD 114 million. Excluding the impact of one-off gains from the previous year, operating profit and net profit would reflect decreases of 43% and 38%, respectively.
Net debt stands at minus USD 187 million, maintaining a strong cash position. Despite dividend payments, the net cash has increased by USD 68 million compared to the end of 2023.
Sales revenue declined across all products and regions due to base effects, weakened market demand, and high interest rates. Product-wise, Compact Equipment sales dropped by 18%, Material Handling by 28%, and Portable Power by 16%. Regionally, sales decreased by 22% in North America, 16% in EMEA (Europe, the Middle East, and Africa), and 10% in ALAO (Asia, Latin America, and Oceania).
Doosan Bobcat announced a quarterly dividend of KRW 800 on the same day, with the dividend record date set for June 30.

2024-07-25

Doosan Bobcat to build a new plant in Mexico to meet the increasing demand in the North American market

Doosan Bobcat is building a new plant in Mexico to respond to the continuous demand for construction equipment products in the North American market. This marks the first time the Doosan Group is establishing a production facility in Mexico.


Doosan Bobcat announced on June 14 that it held a groundbreaking ceremony for a compact loader production plant in Salinas Victoria near Monterrey, Mexico. The ceremony at the site of the new plant in the Interpuerto Monterrey Industrial Park in Nuevo Leon, Mexico, was attended by around 200  individuals, including Doosan Group executives such as Park Gee-won, Vice Chairman of Doosan Group; Scott Park, CEO and Vice Chairman of Doosan Bobcat; Mike Ballweber, President of Doosan Bobcat North America, as well as Samuel Garcia, Governor of Nuevo Leon, representatives from partner companies, and media.


Doosan Bobcat plans to invest approximately 400 billion won ($300 million USD) to build a 65,000-square-meter factory, set to open in 2026. The plant will produce Doosan Bobcat's 'M-Series' compact loaders for supply to the North American market.


Park Gee-won, Vice Chairman of Doosan Group, stated, "Doosan Bobcat has led the global construction equipment market with bold investments and innovation." He added, "The new plant in Mexico will support Doosan Bobcat's continuous growth by responding to the increasing demand for Doosan Bobcat products, including its largest market, North America."


Over the past five years, Doosan Bobcat has doubled in revenue, leading to an increase in product demand. The decision to establish a new plant in Mexico was made to meet the growing demand for construction equipment in the North American market.


Mexico offers the benefits of the US-Mexico-Canada Agreement (USMCA), a strong manufacturing infrastructure, and a skilled workforce, making it an ideal global production hub. Considering accessibility to the North American market, Doosan Bobcat selected Salinas Victoria near Monterrey, Nuevo Leon, known as the "industrial capital of Mexico," as the location for its new plant.


Once operational, the production capacity of Doosan Bobcat's loaders in the North American market is expected to increase by about 20% with the new plant in Mexico. Doosan Bobcat's global production hub will expand to include eight countries, including existing locations in Korea, USA, Czech Republic, France, Germany, India, and China.

2024-06-14