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두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Doosan Bobcat Opens New US PDCs to Bolster its Aftermarket Competitiveness
Doosan Bobcat has opened additional parts distribution centers(PDCs) in key areas of North America to further strengthen its aftermarket competitiveness.2023-01-27
On January 27th, Doosan Bobcat announced that the company had opened a new PDC for construction equipment in Atlanta, Georgia, USA, just four months after opening its PDC in Reno, Nevada, USA, in September 2022.
Doosan Bobcat now has three PDC locations in the U.S., including Woodridge, Illinois in the Midwest, Reno in the west, and Atlanta in the southeast, increasing its total facility operation area 2.5 times from 33,000㎡ to 83,000㎡. With the addition of its regional bases, Doosan Bobcat is now able to provide improved services to its customers by securing ample inventory, extended ordering hours, shortened delivery times, and diversified delivery options.
PDCs supply both attachments and parts in the aftermarket. With more than 400 types of attachments—the largest variety in the industry—Doosan Bobcat posted sales of approximately KRW 1.6 trillion(1.3 billion dollars) in the AM/PS(aftermarket parts and service) sector last year – including sales of Bobcat, Portable Power, and Industrial Vehicle, an increase of 27% from the previous year. The aftermarket business is regarded as a stable business with steady sales and high profitability, as it is less cyclical.
Doosan Bobcat is currently supporting Bobcat equipment dealers and customers from seven PDCs located in Germany, the UAE, China, South Korea (Hwaseong, Gyeonggi-do), and three regions in North America. Last year, Doosan Bobcat North America migrated its online parts purchasing site into the company's official website to improve customer access and convenience.
“With the opening of additional parts centers in the western and southeastern United States, we are now able to ship about 90% of our orders across North America within three days,” declared a spokesperson of Doosan Bobcat. “We will continue to strengthen our aftermarket business by expanding our revenue sources, with the goal of achieving sales of 2 trillion won by 2027.”
두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Bobcat Company Celebrates Completion of Manufacturing Facility Expansion in Statesville, N.C.
Bobcat Company, a global leader in the compact equipment industry, today celebrated the completion of its Statesville manufacturing facility expansion with a ceremonial ribbon cutting attended by company leaders, employees and community members. The $70 million investment makes the location the company’s largest manufacturing facility in North America and will add hundreds more jobs in Iredell County over the next five years.2022-10-13
The 600,000-square-foot expansion increased the footprint to more than 1 million square feet on a more than 150-acre campus, located at 1293 Glenway Drive, Statesville, north of Charlotte, North Carolina. This investment enables the Statesville operation to also serve as a key manufacturing hub to help meet a growing demand for Bobcat products by increasing production capabilities and efficiency.
“This is a significant day for Bobcat, the Statesville community and our customers as we grow our presence in North Carolina and expand our manufacturing capabilities in the U.S.,” said Mike Ballweber, president of Doosan Bobcat North America. “This investment will not only position us to meet growing customer demand, but it also adds significant job opportunities to benefit the community.”
Construction on the project began in July 2021 and took roughly fourteen months to complete.
Thanks to this expansion, up to 250 jobs will be added in the next five years. Since the start of this year, more than one third of these new positions have already been filled, increasing Statesville’s current team to nearly 600.
“As one of our community’s largest manufacturing companies, we are proud of the commitment Bobcat Company has made not only in its facility growth and job creation, but also in its commitment to economic impact, charitable giving, educational support and community involvement,” said City of Statesville Mayor Costi Kutteh, who attended the ribbon-cutting ceremony along with other community leaders. “Bobcat is an inspiration and catalyst to each of us as Statesville continues to grow and flourish.”
The expansion adds space for manufacturing and warehousing; research and development; an automated paint line; parts control and storage; shipping and receiving docks; open air space for product testing and quality control; additional parking; shipping and delivery entrance; and finished goods inventory storage.
The manufacturing space includes new state-of-the-art technology to improve production efficiencies and streamline operations across Bobcat's North American locations.
New factory technology and systems are consistent across the company's North American facilities improving process and design collaboration, as well as simplifying transfer of information.
“It has been exciting to see these additions and enhancements to our facility take shape, and we greatly appreciate the support of our employees, partners, officials and the community during this process,” said Doosan Bobcat Portable Power Global Vice President Lance Mathern. “We are ready for the future and look forward to the benefits this expansion brings.”
Production of the Bobcat mini track loader (MTL) will shift from the Bismarck, N.D., facility to Statesville by late 2022. The new MTL production lines are designed to produce 35 units per shift, which will mean a new Bobcat MT100 will finish production every 10.8 minutes.
Additionally, the Bobcat compact tractor line has been assembled in Statesville since its launch in 2019, and will continue to be assembled in this facility, thus growing the company’s grounds maintenance equipment production at this site. The Statesville location also produces generators, light towers and air compressors.
In addition to its operations in Statesville, Bobcat has an extensive presence throughout the U.S. The company employs nearly 5,000 people at 13 facilities in seven states. Among its other facilities, Bobcat has engineering, research and development centers in North Dakota, Minnesota, Wisconsin and Arizona; a training facility in Colorado; and manufacturing facilities in North Dakota, Minnesota, Wisconsin and North Carolina.
“Our growth is rooted in our legacy as the inventor of the compact equipment industry and fueled by our drive to continue redefining the industry through groundbreaking innovation and a focus on customer experience,” Ballweber added.
두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Doosan Bobcat’s Sales Soared to KRW 2.2184 Trillion and Operating Profit Margin Jumped to 14% in 2Q
Doosan Bobcat achieved an operating profit margin of 14% in the second quarter with the sales of KRW 2.2184 trillion and the operating profit of KRW 309.5 billion. Both sales and operating profit recorded the highest quarterly results thanks to the acquisition of the Doosan Industrial Vehicle, product price hikes, partial easing of supply chain issues, and efficient execution of marketing expenses. Combined with the effect of an increase in the KRW/USD exchange rate, sales and operating profit jumped by 73% and 121% YoY, respectively.2022-07-28
※ Base exchange rates (per USD): KRW 1,121.23 in the 2Q 2021 and KRW 1,259.57 in the 2Q 2022
Cumulative performance in the first half was KRW 3.8592 trillion in sales and KRW 503.9 billion in operating profit, up 54% and 62%, respectively, from the same period last year.
In terms of the US dollar, which is Doosan Bobcat's functional currency, sales rose to $1.768 billion (up 55% YoY) and operating profit reached $247 million (up 98% YoY) during the 2Q.
Excluding Doosan Industrial Vehicle, Doosan Bobcat's own operating profit margin was 15%, the highest on a quarterly basis. Sales in North America, its major market, increased 49% YoY, driving the company’s overall sales growth.
Doosan Industrial Vehicle, which was incorporated as a subsidiary in July of last year, recorded an operating profit margin of 6.7% in the 2Q, up 4 percentage points QoQ.
An official from Doosan Bobcat said, "Despite the slowdown in economic indicators, we expect solid earnings in the second half as the accumulated pent-up demand due to supply chain constraints is substantial."
Meanwhile, Doosan Bobcat’s board of directors held the board meeting on July 28th and decided to pay an interim dividend of KRW 600 per share.
두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Doosan Bobcat Published Sustainability Report Containing ESG Performance
On July 15, Doosan Bobcat announced that it had published the ‘2020-21 Doosan Bobcat Sustainability Report’ containing its ESG (Environmental, Social, Governance) performance.2022-07-15
The report, released on the Doosan Bobcat website, is the country’s first ‘moving report’ to which multimedia storytelling tools are applied. Users can read the report more easily and intuitively through the ‘Interactive PDF’ function, which enables them to move to the desired table of contents with a single click, while enjoying various dynamic features such as videos, infographics, and animations.
Based on Doosan Bobcat’s ESG vision and framework, the report focuses on Doosan Bobcat’s efforts and results in four pillars (People, Product, Environment and Community) and three essentials (Governance, Value Chain Sustainability, and Risk Management). In addition, it has also disclosed information on the company’s response to climate change and its performance in the areas of health and safety from the perspective of financial impact in line with the Sustainability Accounting Standards Board (SASB) Standards.
Doosan Bobcat continuously strives to maximize energy efficiency and reduce environmental impact. In 2021, its energy consumption and GHG (Greenhouse Gas) emissions per production unit went down by 15% and 17%, respectively, with the sales of ‘remanufactured’ products soaring by 61% during the year.
Doosan Bobcat’s such efforts to be eco-friendlier has led to the launch of the T7X, the world’s first ‘all-electric’ compact track loader, which maximizes energy efficiency and emits no harmful substances while significantly lowering noise and vibration.
“Doosan Bobcat prioritizes the environmental, social and governance expectations of our growing business.” said Scott Park, CEO of Doosan Bobcat. “We continue to approach challenges with innovative thinking and responsive problem solving, while leading our industry and customers towards sustainable change and growth.”
Meanwhile, the sustainability report will be published in Korean next month.
두산밥캣, ESG 성과 담은 ‘지속가능경영보고서’ 발간
Doosan Bobcat achieves record breaking performance in 2021 with US$5.082 billion in sales and US$520 million in operating profit
In 2021, Doosan Bobcat recorded its highest ever performance since its establishment thanks to the increase in global demand for its compact equipment, the growth of its grounds maintenance equipment (GME) product line, and its acquisition of Doosan Industrial Vehicle.2022-02-09
On February 9, Doosan Bobcat announced that it had posted record highs of $5.082 billion in sales and $520 million in operating profit (a 10.2% operating margin) in 2021, based on its consolidated financial statements, achieving increases of 40.1% and 55.9%, respectively, compared to the previous year.
In the fourth quarter, the company’s sales jumped by 44.5% YoY to $1.497 billion while its operating profit grew by 13% to $130 million due to sales growth and price hikes followed by the ongoing economic recovery in developed markets.
Doosan Bobcat maintained its sales growth momentum in all regions last year.
In North America, its sales increased by 27.2% compared to the previous year thanks to an increase in market demand for its core products and consistently brisk sales of its GME products. In the EMEA (Europe, Middle East, and Africa) region, the company’s sales increased by 25.7% due to the economic recovery in major countries across the region. Its sales also grew by 31% year-over-year in the ALAO (Asia, Latin America, and Oceania) region driven by stimulus packages in Latin America and Oceania, in particular.
Doosan Bobcat announced that its sales are expected to grow by 24.1% in 2022 year-on-year thanks to solid demand for its compact equipment and the inclusion of Doosan Industrial Vehicle's full-year earnings from 2022, presenting $6.305 billion in sales and $566 million in operating profit as its guidance for the current year.
Doosan Bobcat held a board meeting on the same day and decided to pay a cash dividend of 1,200 won per common share, equivalent to a yield of 2.98%, with the total dividend payment amounting to KRW 120.3 billion, thereby resuming the dividend one year after suspending the payment for the fiscal year of 2020 amid the COVID-19 circumstances.