HD Hyundai Infracore targets Middle East and African markets with new brand Develon

HD Hyundai Infracore (formerly Hyundai Doosan Infracore Co.), a South Korean construction equipment maker, has ventured into the Middle East and African markets with the introduction of its new brand Develon.

The company reported sales of $330 million in the Middle East and Africa region last year on Tuesday, marking a 116% increase from the $150 million earned two years prior. Equipment sales have also seen significant growth, surpassing 2,400 units – a 60% increase compared to 2020.

HD Hyundai Infracore aims to capitalize on the rapidly expanding Middle East and African construction equipment markets, which have nearly doubled in the past three years. The company's strategy is centered around local subsidiaries, with an emphasis on expanding sales channels in West and Central Africa.

Building on its presence in Dubai, United Arab Emirates (UAE), the firm has established a subsidiary in Accra, Ghana, further broadening its reach across the continent. Last month, HD Hyundai Infracore held the "2023 Middle East and Africa Dealer Conference" in Cairo, Egypt, coinciding with the launch of the Develon brand.

The company recently secured a contract to supply 29 construction machines to the Republic of Angola in Africa, including 20 excavators and nine wheel loaders. These machines will be deployed for dam construction projects, supporting hydropower generation in the country.

"We will leap to the global top-five by 2025 through the launch of new brands and strengthening product lines," Oh Seung Hyun, CEO of HD Hyundai Infracore said. 

By Hyung-Kyu Kim

khk@hankyungcom