New engine supply joint venture between Hyundai and Cummins

Hyundai Heavy Industries (HHI) and Cummins are setting up a joint venture to produce engines in South Korea for the earthmoving equipment market. The two companies are investing US$33 million each into the project, which will be called Hyundai Cummins Engine Company and will have its factory located in Daegu. Production is scheduled to commence in 2014, with capacity reaching 50,000 engines/year once the facility is fully commissioned.
September 26, 2012 Read time: 1 min
The strategic joint venture between Hyundai and Cummins for engine production in South Korea will provide business growth for both partners
236 Hyundai Heavy Industries (HHI) and 196 Cummins are setting up a joint venture to produce engines in South Korea for the earthmoving equipment market. The two companies are investing US$33 million each into the project, which will be called Hyundai Cummins Engine Company and will have its factory located in Daegu. Production is scheduled to commence in 2014, with capacity reaching 50,000 engines/year once the facility is fully commissioned. This factory will provide HHI with a steady supply of high quality engines that can be made available to meet market demands. Sales are expected to reach $282 million in 2014 and are predicted to grow, with a target of $3.53 billion set for 2022 by which time the plant should employ 5,300. HHI says that the new joint venture forms part of its plans to become one of the world’s top three manufacturers of construction equipment by 2016 on annual sales of $9.1 billion.

For more information on companies in this article

Related Content

  • Golden opportunities in the MINT - Mexico, Indonesia, Nigeria, Turkey
    May 21, 2015
    Mexico, Indonesia, Nigeria, Turkey – Global Report offers up some food for thought about where smart money might be headed within the next several years – David Arminas writes China’s rate of growth may be slowing down, but other South East Asian companies are being quick to offer alternate investment opportunities, notably Indonesia. Nigeria, too, has had issues with security of investment. But there are signs that the government may be getting serious at last about tightening up rules and regulation
    Read More
  • LiuGong holds 11th global dealer conference in Liuzhou
    November 18, 2014
    LiuGong Machinery, a Chinese manufacturer of heavy equipment, had more than 500 dealer representatives from 80 countries attend the company’s 11th annual global dealership conference. The event was held this month at the Liuzhou International Exhibition Centre in Liuzhou, in north-central China, home of LiuGong. The company, which had global sales US$2 billion in 2013, also held demonstrations of its equipment. LiuGong was set up in 1958 and sold more than 43,000 units last year. In 2011, Cummins and LiuG
    Read More
  • Cummins sets new quarterly trading record in strong growth period
    November 6, 2023
    Cummins has set a new quarterly net cash from operating activities record of US$1.5bn, a huge rise on the $382mn in Q3 2022.
    Read More
  • LiuGong embraces Industry 4.0
    November 27, 2018
    LiuGong chairman Zeng Guang’an says that the firm is fully embracing Industry 4.0 technology. Coupled with ongoing machine development, an expanding global sales and manufacturing network and long-established strong relationships with customers and suppliers, this is enabling the Chinese construction equipment giant to target RMB 50 billion (US$7.18bn) operating revenue by 2025. Chairman Zeng outlined the impressive scale of LiuGong’s future ambitions during an impassioned speech in front of an audi
    Read More

Highlighted Content