On July 6, Doosan Bobcat completed the acquisition of a 100% stake in Doosan Industrial Vehicle (DIV) at a price of 750 billion won.
On July 1, DIV officially announced its spin-off from Doosan Corporation. It is now a wholly-owned subsidiary of Doosan Bobcat, providing material handling equipment and downstream businesses including forklifts and warehouse equipment. Taeil Kim is the new CEO of DIV.
Founded in 1968, DIV is the first company to produce forklifts in Korea. It is currently an unmatched market leader in the Korean forklift market. Since 2015, the Korean forklift market has grown at an average annual rate of 7%. DIV has a diversified product line, including 1.5 to 30t internal combustion engine forklifts, 1 to 5t electric forklifts and warehouse logistics equipment. With the development trend of digital transformation and sharing economy, DIV has officially launched downstream business since 2018, providing a full range of services including forklift leasing, second-hand equipment sales and vehicle maintenance services.
Based on the development trend of new technologies, DIV is also actively expanding new business portfolios. For example, Lin-Q, a remote information processing system developed by DIV, can be equipped on the equipment to collect real-time construction data and perform automatic analysis. According to DIV, due to increased demand for DIV products in North America and other regions, sales will surge. Therefore, the company expects that its annual sales in 2021 will exceed 1 trillion won for the first time since the company was founded.
After DIV becomes its subsidiary, Doosan Bobcat will accelerate the development of DIV through more scientific cost control and a stronger dealer network, as well as the advantages of product portfolio expansion and brand influence.
