December 6, 2007

Doosan Infracore completes acquisition of Bobcat and related companies

INGERSOLL RAND

Doosan of Korea expects to hit US$7.5 billion in annual sales with its purchase of Bobcat from Ingersoll Rand.

SEOUL, SOUTH KOREA

Doosan Infracore says it has completed the acquisition of the Bobcat utility equipment and attachments businesses from Ingersoll Rand Company, Ltd.

The US$4.9 billion deal is the largest overseas acquisition in Korea’s corporate history, Doosan said in a new release announcing the transaction.

Doosan said that three entities will operate as individual businesses of Doosan Infracore International, a U.S.-based subsidiary of Doosan Infracore, and will be known as Bobcat, Doosan Infracore Portable Power (formerly Ingersoll Rand Utility Equipment), and DII Attachments (formerly Ingersoll Rand Attachments).

“With the completion of this transaction, Doosan is extremely well-positioned to become a true global leader in the construction equipment sector,” said Yongmaan Park, vice-chairman of Doosan Infracore.

Doosan Infracore will become one of the top ten global manufacturers of construction and utility equipment and related attachments in terms of pro forma sales, which will be approximately US$7.5 billion.

The company will now have a combined network of over 3,500 dealers worldwide and 20 manufacturing plants in the U.S., Europe and China.

DCN News Services

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