HD Hyundai Infracore

File:Daewoo Mega 200-V, Dépôt Sandweiler-102.jpg

Daewoo Heavy Industries was founded in 1937 as Chosun Machine Works when Korea was under Japanese rule.{{Cite book |last=Various |url=https://books.google.com/books?id=9XM3EAAAQBAJ&dq=%22Daewoo+Heavy+Industries%22+%221937%22&pg=RA1-PA148 |title=Routledge Library Editions: Business and Economics in Asia |date=2021-07-14 |publisher=Routledge |isbn=978-0-429-76644-2 |pages=148 |language=en}} After Japan's withdrawal from Korea, the company was nationalized by the government and was transformed into a public company in 1963 as Hankook Machine Industrial. In 1969, Hankook Machine was privatized after being sold to Shinjin Group. In 1975, the company began producing diesel engines with financial support from the German government and technical collaboration with MAN SE.

However, the company was financially strapped due to the lack of domestic demand and unstable direction, and Shinjin had to sell the company back to a government-controlled bank. Then, in 1976, Daewoo Industrial and its affiliates purchased a 44.8% stake in the total share and changed the name to Daewoo Heavy Industries.{{cite book |author= |date=November 5, 2018 |title=Routledge Library Editions: Business and Economics in Asia |url= |location= |publisher=Taylor & Francis Group |page=148 |isbn=978-1138482746}}{{cite book |last1=Chung |first1=Kae H. |last2=Lee |first2=Hak Chong |author-link= |date=November 3, 1989 |title=Korean Managerial Dynamics |url= |location= |publisher=Praeger |page=239 |isbn=978-0274640393}}

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During the financial crisis in 1997, Daewoo collapsed, and its affiliates were sold to other companies. Daewoo Heavy's shareholders first approved separating the firm's shipbuilding and machinery operations into stand-alone companies, Daewoo Shipbuilding & Marine Engineering and Daewoo Heavy Industries & Machinery.{{cite news |author= |date=June 27, 2000 |title=Daewoo Heavy's Shareholders Approve Separation of Shipbuilding and Machinery |url=https://www.wsj.com/articles/SB962097954973062407 |work=Wall Street Journal |location=Seoul |access-date=}}{{cite news |last1=Baek |first1=Min-jeong |last2=Cho |first2=Hyun-suk |last3=Lee |first3=Tae-hee |date=January 14, 2022 |title=KSOE quits efforts to acquire DSME, FTC says |url=https://koreajoongangdaily.joins.com/2022/01/14/business/industry/KSOE-HHI-DSME/20220114175743394.html |work=Korea JoongAng Daily |location= |access-date=}} In 2005, Korea Development Bank and Korea Asset Management Corporation chose a consortium led by Doosan Heavy Industries as a prime bidder for Daewoo Heavy and officially signed a contract. After the acquisition, Daewoo Heavy was renamed Doosan Infracore.{{cite news |last=Jung |first=Ha-won |date=April 29, 2005 |title=Doosan Heavy completes Daewoo Heavy takeover |url=https://koreajoongangdaily.joins.com/news/article/article.aspx?aid=2562041&ref=mobile |work=Korea JoongAng Daily |location= |access-date=}}{{cite news |last1=Song |first1=Jung-a |last2=Guerrera |first2=Francesco |date=January 11, 2005 |title=Doosan agrees to buy Daewoo Heavy for $1.8bn |url=https://www.ft.com/content/6635b1ca-639a-11d9-b0ed-00000e2511c8 |work=Financial Times |location=Seoul/Hong Kong |access-date=}}

Doosan Infracore expanded the heavy equipment business by acquiring global players. In March 2007, the company acquired Yantai Yuhua Machinery, a wheel loader maker, for 22 million yuan.{{cite news |last=Cho |first=Jin-seo |date=April 23, 2007 |title=Doosan Infracore Plans Active Expansion in China |url=https://www.koreatimes.co.kr/www/tech/2022/01/419_1627.html |work=The Korea Times |location=Yantai |access-date=}} Doosan recorded South Korea's largest international acquisition by purchasing Bobcat and other construction equipment units from Ingersoll Rand for $4.9 billion in November 2007.{{cite news |last=Chen |first=Shu-Ching Jean |date=July 30, 2007 |title=Ingersoll-Rand Unloads Bobcat To S. Korea's Doosan |url=https://www.forbes.com/2007/07/30/doosan-bobcat-ingersoll-markets-equity-cx_jc_0730markets1.html?sh=311d72c61537 |work=Forbes |location= |access-date=}}{{cite news |author= |date=November 17, 2019 |title=Doosan Bobcat builds global center in U.S. for biz cooperation |url=https://en.yna.co.kr/view/AEN20191117001800320?section=news |work=Yonhap |location=Seoul |access-date=}} Doosan's European subsidiary took over Norwegian dump trucks firm Moxy Engineering for €55 million in 2008.{{cite news |author= |date=August 26, 2008 |title=Doosan takes over Norwegian dump trucks firm Moxy |url=https://www.constructionnews.co.uk/archive/doosan-takes-over-norwegian-dump-trucks-firm-moxy-26-08-2008/ |work=Construction News |location= |access-date=}}

File:Develon mini-excavator - Arlington, MA.jpg

Alike Daewoo in 1997, Doosan Group also faced a liquidity crisis due to years of declining orders amid an economic slowdown. Doosan decided to sell a stake held by Doosan Heavy in Doosan Infracore to improve its financial structure. In 2021, Hyundai Heavy Industries Group purchased a 35 percent stake in Doosan Infracore for 850 billion won.{{cite news |author= |date=June 16, 2020 |title=Cash-strapped Doosan to sell core construction equipment maker unit |url=https://en.yna.co.kr/view/AEN20200616004800320 |work=Yonhap News Agency |location=Seoul |access-date=}}{{cite news |last=Nam |first=Kwang-sik |date=August 20, 2021 |title=Hyundai Heavy completes takeover of Doosan Infracore |url=https://en.yna.co.kr/view/AEN20210820005600320 |work=Yonhap News Agency |location=Seoul |access-date=}} However, Doosan Infracore's 51 percent stake in Doosan Bobcat was not included as part of the sale.{{cite news |last1=Kang |first1=Doo-soon |last2=Song |first2=Gwang-sup |last3=Park |first3=Jae-young |last4=Cho |first4=Jeehyun |date=September 29, 2020 |title=Doosan Infracore tender draws bids from Hyundai Heavy, top-tier PEFs |url=https://pulsenews.co.kr/view.php?year=2020&no=1004855 |work=Maeil Business Newspaper |location= |access-date=}}

Hyundai Doosan Infracore changed its brand name to Develon and adopted the new corporate name HD Hyundai Infracore in 2023. The name change was in line with the parent company, Hyundai Heavy Industries' rebranding to HD Hyundai.{{cite news |last=McLoud |first=Don |date=March 30, 2023 |title=Hyundai Drops “Doosan” Name – It’s Now “HD Hyundai Infracore” |url=https://www.equipmentworld.com/business/article/15382390/hyundai-drops-doosan-name-to-change-to-hd-hyundai-infracore |work= |location= |access-date=}}

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|bloomberg= 042670:KS

|reuters= 042670.KS

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Category:manufacturing companies based in Incheon

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Category:Hyundai Heavy Industries Group