Heavy Industries (HHI) has announced the spinoff of what was its Construction Equipment division. The new company was officially established with the name Hyundai Construction Equipment Co., Ltd on the 1 April 2017. All activities of HHI’s Construction Equipment division have now moved to this new company.
HHI say the spinoff is based on a restructuring plan which was started last year. For the Construction Equipment division, this spinoff is said to offer great possibilities and an improved agility.
In Europe, Hyundai Construction Equipment Co. Ltd will be known as Hyundai Construction Equipment Europe (HCEE). HCEE is due to move to a new €30 million HQ in Tessenderlo, Belgium later this year. The new European HQ will greatly support Hyundai Construction Equipment’s work to grow its market share in the region. On 81,000m² of land, a new headquarters, a new warehouse, a training facility, an event hall and a showroom are now under construction.
HCEE’s 2017 market strategy is to focus on the mini excavator market and wheeled 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. In order to gain success in these areas, HCEE will further expand its dealer network, widen its product range and focus on key customers.