Ulsan, South Korea - HD Hyundai Group., has officially merged its construction equipment subsidiaries, HD Hyundai Construction Equipment and HD Hyundai Infracore (Develon), to form a single entity, HD Construction Equipment, positioning itself as Korea’s largest construction equipment company. The newly formed company aims to achieve $10.3 billion in sales by 2030.
The launch event was held at the company’s Ulsan headquarters on New Year’s Day, with HD Hyundai Group Chairman Chung Ki-sun and Vice Chairman Cho Young-chul in attendance. The merger, approved by shareholders in September 2025, has attracted widespread attention as the consolidation of Korea’s two leading construction equipment firms. The combined entity is projected to generate annual revenues of 8 trillion won in the near term.
Mr. Moon Jae-young, CEO of HD Hyundai Construction Equipment, will lead the new company. HD Construction Equipment will operate manufacturing facilities in Ulsan, Incheon, and Gunsan (North Jeolla Province) in Korea, as well as overseas in India, China, Brazil, and Norway.
HD Construction Equipment plans to expand the reach of its new electric excavator models, which were launched in Korea and Europe last year, into additional international markets, including the United States in the first half of 2026.
The company aims to grow its two construction equipment brands — Hyundai and Develon — into leading global names. This will be supported by a global production system designed to maximize the benefits of operating dual brands and enhance world-class manufacturing competitiveness.
The merger has streamlined production pipelines, eliminated overlapping processes, and reduced costs in materials procurement and logistics, improving price competitiveness. It is also expected to strengthen the company’s marketing and after-sales service capabilities.
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