HD Hyundai Construction Equipment and HD Hyundai Infracore said on the 16th that the merger proposal of the two corporations was approved at extraordinary shareholders' meetings held at the HD Hyundai Global R&D Center in Bundang and at HD Hyundai Infracore's headquarters in Incheon. The two corporations will go through an appraisal rights period until Oct. 10 and officially launch in January next year. The confirmed name of the merged corporation is "HD Construction Equipment."
HD Hyundai Construction Equipment and HD Hyundai Infracore, which announced their merger on Jul. 1, said they decided to merge to respond swiftly to market demands and secure future technological strength and cost competitiveness. Institutional Shareholder Services (ISS), the world's largest proxy advisory firm, recommended a vote in favor of the merger proposal, and major domestic credit rating agencies also reacted positively to the merger of the two corporations.
The merged corporation, HD Construction Equipment, presented a goal of achieving sales of 14.8 trillion won or more by 2030. This is at the highest global level. An HD Hyundai institutional sector of construction equipment official said, "We will set a new milestone in the development of Korea's construction equipment industry as the national representative construction equipment corporations."