Partnership to supply compact construction equipment for global sales

HD Construction Equipment to sell Manitou products under Hyundai, Develon brands

Company targets 1.3 trillion won in compact equipment sales by 2030

HD Construction Equipment President Moon Jae-young, right, and Manitou Group President Sylvain Blaise pose after signing a mutual sales partnership agreement for compact construction equipment at Manitou Group's headquarters in Ancenis, France, on Monday. [HD Construction Equipment]
HD Construction Equipment President Moon Jae-young, right, and Manitou Group President Sylvain Blaise pose after signing a mutual sales partnership agreement for compact construction equipment at Manitou Group's headquarters in Ancenis, France, on Monday. [HD Construction Equipment]

HD Construction Equipment announced Tuesday that it signed a mutual sales partnership agreement for compact construction equipment with French equipment maker Manitou Group at the company's headquarters in Ancenis, France, on Monday.

HD Construction Equipment President Moon Jae-young and Manitou Group President Sylvain Blaise attended the signing ceremony.

Manitou Group supplies construction, agricultural and industrial equipment — including telehandlers, forklifts, skid steer loaders and aerial work platforms — to 140 countries worldwide under its Manitou and Gehl brands.

Under the agreement, HD Construction Equipment will receive compact construction equipment from Manitou Group and sell it globally under the Hyundai and Develon brands. Manitou Group, in turn, will add HD Construction Equipment's compact machinery to its portfolio, expanding its lineup of compact products under the Manitou and Gehl brands.

HD Construction Equipment said it plans to accelerate its push into the compact equipment market by strengthening its product lineup. The company has set a target of 1.3 trillion won ($939 million) in compact construction equipment sales by 2030.

Market research firm MarketsandMarkets projects the global compact construction equipment market will grow from about $39.6 billion in 2025 to $56.2 billion in 2032, at a compound annual growth rate of 5.1 percent.

"By combining the strengths of both companies, we will enhance the competitiveness of our compact construction equipment and further strengthen the global presence of the Hyundai and Develon brands," Moon said.

Sylvain Blaise said the partnership would "combine the manufacturing capabilities and innovation of both companies to strengthen our product portfolio and deliver greater value to dealers and customers around the world."


keg@heraldcorp.com