This file photo provided by Hyundai Construction Equipment Co. on Aug. 17, 2021, shows a 5-ton forklift powered by hydrogen fuel cells, which was developed by the company in 2020. (PHOTO NOT FOR SALE) (Yonhap)
Hyundai Construction Equipment Co. said Thursday it has signed a deal with its holding company Hyundai Genuine Co. to sell its industrial vehicle division for 136 billion won ($115.8 million).
The deal set to go into effect on Jan. 1, 2022, is intended to focus on the construction equipment sector by purchasing stakes in construction equipment affiliates in China and Brazil, Hyundai Construction Equipment said in a regulatory filing.
The industrial vehicles refer to forklifts and skid-steer loaders.
The board of directors at HCE decided to hold its shareholders' meeting on Nov. 30, as the deal is subject to approval by shareholders. (Yonhap)