Doosan Bobcat has announced the completion of the acquisition of the DIV Business Group, which now be run under the name Doosan Industrial Vehicles. Previously part of the Doosan Corporation, DIV was purchased on the 6th July for 557 million Euros.
The decision came after the DIV announced that it had split from the Doosan Corporation and that its board of directors had appointed executive vice president Taeil Kim as its new CEO. The organisation offers a wide range of material handling equipment, including forklifts, warehouse equipment and downstream businesses.
Founded in 1968, DIV was the first company in Korea to produce forklifts and is now the market leader in the country. It offers a wide product portfolio, including 1.5-30 tonne capacity forklifts, 1-5 tonne electric forklifts and logistics equipment for warehouses. Since 2018, it has also offered a total services package including machine rental, used equipment sales and vehicle maintenance.
It has also expanded with the introduction of Lin-Q, a telematics system that collects and utilises real-time data.
According to the DIV, annual sales in 2021 are expected to surpass 743 million Euros (more than 1 trillion South Korean won) for the first time as demand increases in North America and elsewhere.
Following the acquisition, Doosan Bobcat anticipates the creation of synergistic effects driven by deeper cost reduction and stronger dealer networks, coupled with the expansion of its product portfolio.