DIEU, Doosan subsidiary in Europe, has signed a contract to buy the manufacturer Moxy for €55 million to enter the global heavy construction equipment market. Moxy, based in Molde on Norway’s west coast, owns the source technology for 23–46 ton-class ADTs, and has networks for 61 dealers in Europe and North America, in addition to local sales corporations and research and development centres in the US and the UK.
Doosan said the articulated dump truck market had grown by an average of 18% over the past three years due to the brisk development of mines following the jump in raw material prices.
Doosan is planning to increase Moxy’s annual sales fivefold to €250 million by 2012. The company said that by taking over Moxy, along with its production facilities for mid-sized and large-sized excavators, wheel loaders and small construction equipment, it had laid the foundations for the accomplishment of its vision of entering the global top three in construction machinery by 2012.
Doosan took over Bobcat in November 2007, and in March 2007 the company also acquired China-based wheel-loader manufacturer Yantai Yuhua Machinery.
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