Bobcat sold to Korean conglomerate.* One of the best known American brand names has been transferred from a Bermuda-based holding company to a conglomerate based in South Korea. [ILLUSTRATION OMITTED] Bermuda-based Ingersoll-Rand Co. Ltd. has announced an agreement to sell its Bobcat bobcat: see lynx. bobcat Bobtailed, long-legged North American cat (Lynx rufus) found in forests and deserts from southern Canada to southern Mexico. It is a close relative of the lynx and caracal. , Utility Equipment and Attachments business units to Doosan Infracore Co. Ltd. for approximately $4.9 billion. The sale is expected to close in the fourth quarter of 2007. The Bobcat business units make and sell compact equipment, including skid-steer loaders, compact track loaders, mini-excavators and telescopic tool handlers; portable air compressors, generators, and light towers; general-purpose light construction equipment; and attachments. The businesses employ approximately 5,700 people worldwide. The Bobcat brand has deep roots in North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). , and the business units have manufacturing facilities in Gwinner and Bismarck, N.D., as well as in Carrollton, Ga.; Litchfield, Minn.; Petersburg, Va.; and overseas plants in China, the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. , France, Ireland; and the United Kingdom. "We are pleased that the Bobcat, Utility Equipment and Attachments businesses will join a major global organization intent on expanding its participation across worldwide construction and related markets," says Herbert L. Henkel, Ingersoll-Rand's chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The future of these businesses remains sound as strategically important operating units of Doosan." Doosan Infracore is part of the Doosan Group The Doosan Group is a large South Korean industrial and construction conglomerate (chaebol). The group owns the Doosan Bears baseball team as well as consumers-oriented businesses such as publishing, food, household goods, magazines and fashion. , one of South Korea's 10 largest conglomerates, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bloomberg News. Doosan also bought Daewoo Heavy Industries and Machinery in 2005. Doosan Infracore has been building excavators and other heavy machinery for 70 years, primarily selling it into East Asian markets. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion