South Korea’s Hyundai Construction Equipment Co. said it won $20 million order to supply 36 super-large excavators to Russia, the company said Wednesday.
The firm that was separated from Hyundai Heavy Industries Group earlier this month is the second major excavator producer in Korea after Doosan Infracore Co. The company recorded an operating profit of 90.1 billion won ($79.1 million) on sales of 1.9 trillion won last year
Hyundai Construction Equipment will manufacture 36 large excavators in the class of 80-ton and 120-ton for deployment in mines across Russia.
Excavators of grand size over 80-ton class requiring high quality and complex technologies are dominated by U.S.-based Caterpillar Inc. and Japan’s Komatsu Ltd.
Hyundai Construction Equipment is the sole supplier of 120-ton excavators in Korea. With the latest deal, the firm consolidated the biggest share of excavator market in Russia. It already commanded 30 percent of excavator sales in Russia as of March this year.
By Moon Ji-woong
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