Doosan Infracore has acquired Norwegian articulated dump truck manufacturer Moxy Engineering AS for about €55 million (almost U.S. $81 million). Doosan emerged as a top 10 international manufacturer last year after its acquisition of Bobcat and Ingersoll Rand’s portable power machinery division.
The acquisition was done through Doosan’s European subsidiary DIEU as part of Doosan’s effort to enter the large-sized mining equipment market as well as expand into heavy construction equipment.
Moxy, based in Moide on the west coast of Norway, owns the source technology for 23- to 46-ton-class ADTs, and has a network of 61 dealers in Europe and North America, in addition to local sales offices and research and development centers in the United States and the United Kingdom.
The ADT, Moxy’s main product, has independent front and rear frames, so bodies are able to bend to the right or left, with narrow turning radius. Doosan Infracore’s goal is to increase Moxy’s annual sales five-fold to €250 million (about U.S. $368 million) by 2012.
Moxy Engineering AS had €53.7 million (about U.S. $79 million) in 2007.
Doosan expects the acquisition to be finalized in the fourth quarter of 2008.