Originally published 9/29/2020; updated 12/11/2020
In early September, Doosan Infracore Co., South Korea’s largest construction equipment maker, announced the opening of preliminary bidding for a controlling stake in its operations. At that time, Hyundai Heavy Industries Group emerged as a top-tier bidder. On December 10th, it was announced that Hyundai Heavy has been selected as the preferred bidder. Respective parties including creditors were informed Thursday morning.
The sale of Doosan Infracore is part of the restructuring process for the beleaguered Doosan Heavy Industries & Construction, which was facing a 4.2 trillion won debt load scheduled to come due before the end of the year. The power plant builder took a major hit when the South Korean government chose to depart from nuclear and coal power.