SEOUL, South Korea (Nov. 16, 2021) — Hyundai Construction Equipment Co. plans to acquire the whole stake in two overseas units of its affiliate Korea Shipbuilding & Offshore Engineering Co. to focus on the construction machinery business.
The board of directors at Hyundai Construction Equipment decided to buy the whole stake in Hyundai Heavy Industries Brasil-Manufacturing and Trading of Construction Equipment for 73.8 billion won (US$62.5 million), according to a regulatory filing. The deal will be final by the end or 2021.
The board also agreed to acquire the whole stake in Hyundai Heavy Industries (China) Investment Co. for 146.4 billion won. Visit hceamericas.com.