A ceremony is held to mark the production of the 200,000th excavator last Friday, at Doosan Infracore China Co. (DICC), Doosan Infracore Co.'s Chinese unit, located in Yantai, Shandong Province. (Doosan Infracore)
Doosan Infracore Co. said Tuesday its Chinese unit has produced its 200,000th excavator in the country.
The accumulated output came 26 years after South Korea's leading construction equipment maker entered the Chinese market in October 1994, the company said in an emailed statement.
The Chinese excavator market is expected to grow by 275,000 units this year, surpassing last year's overall sales of 200,000 units, Doosan Infracore said.
Sales of excavators by the company rose 21 percent to 14,348 units in the first nine month of this year, compared with 15,000 units last year.
Doosan Infracore has been up for sale as part of its cash-strapped parent Doosan Heavy Industries & Construction Co.'s self-rescue plan.
Shortlisted candidates to buy the stake in Doosan Infracore were a consortium of GS Engineering & Construction Corp. and private equity fund Dominus Investment, as well as another consortium of Hyundai Heavy Industries Holdings Co. and Korea Development Bank Investment, a unit of state-run Korea Development Bank.
Ready-mixed concrete maker Eugene Group and three local private equity funds -- Glenwood PE, MBK Partners and Eastbridge Partners -- also were reportedly included on the shortlist.
Last March, Doosan Heavy obtained a cash injection of 3 trillion won ($2.6 billion) from its creditors, including KDB, to prepare itself for its short-term debts worth 4.2 trillion won, which should be paid within this year. (Yonhap)