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HD Construction Equipment

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HD Construction Equipment (HDCE)
Native name
에이치디건설기계 주식회사
FormerlyHD Hyundai Construction Equipment
TypePublic
KRX: 267270
ISINKR7267270007
IndustryHeavy equipment
PredecessorHyundai Heavy Industries
Founded4 March 2017; 9 years ago (4 March 2017)
Headquarters
Seongnam
,
South Korea
Area served
Worldwide
Key peopleMoon Jae-young (CEO)
ProductsConstruction equipment
Engines
Production output
~50,000 units per year (2024)[1]
BrandsDevelon
Hyundai
ServicesAftermarket services and maintenance
Parts
Fleet management
Training
ParentHD Hyundai
Websitehd-ce.com
Footnotes
[2]

HD Construction Equipment Co., Ltd. (HDCE; Korean: 에이치디건설기계 주식회사), formerly Hyundai Construction Equipment, is a South Korean construction equipment manufacturer, and subsidiary of the HD Hyundai conglomerate.

The company is the largest construction machinery company in Korea, and was formed through the merger of Doosan Infracore and Hyundai Construction Equipment. HDCE markets its products under two brands; Develon and Hyundai.

History

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HD Construction Equipment was established in 1985 as a construction equipment division of Hyundai Heavy Industries, a shipbuilding company, based in Ulsan.[3][4] In 2017, Hyundai Heavy Industries spun off its non-shipbuilding businesses, including electronics, robotics, and construction equipment, to enhance their competitiveness. As a result, Hyundai Construction Equipment was established as a separate company.[5]

Following the parent group's rebranding in 2023, Hyundai Construction Equipment was renamed HD Hyundai Construction Equipment.[6]

In 2021, HCE's parent company acquired Doosan Infracore, which later became HD Hyundai Infracore, its largest domestic rival.[7]

In 2026, the two construction companies within the same corporate group merged to form HD Construction Equipment. Despite the merger, the company continues to market products under both the Develon brand, inherited from HD Hyundai Infracore, and the Hyundai brand from HD Hyundai Construction Equipment. The merged company operates manufacturing facilities in Ulsan, Incheon, and Gunsan in South Korea and in India, China, Brazil, and Norway.[8][9]

Subsidiaries

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As of 2026, HDCE's subsidiaries include:

Subsidiary Country of operation Shareholding Year established Ref.
HD Construction Equipment Hyundai North America Inc. United States 100% 1991; 35 years ago [10][11]
HD Construction Equipment Hyundai Europe N.V. Belgium 100% 1990; 36 years ago [10][11]
HD Hyundai (China) Investment Co., Ltd. China 100% 2006; 20 years ago [10][12]
HD Hyundai Infracore (China) Investment Co., Ltd. China 100% 2006; 20 years ago [10][12]
HD Hyundai Infracore China Co., Ltd. China 100% 1994; 32 years ago [10][12]
HD Construction Equipment Develon North America LLC United States 100% 2016; 10 years ago [10][12]
HD Construction Equipment Norway AS Norway 100% 2003; 23 years ago [10][12][13]
HD Hyundai Infracore Engine (Tianjin) Co., Ltd. China 100% 2018; 8 years ago [10][12]
HD Hyundai Infracore Deutschland GmbH Germany 100% 2022; 4 years ago [10][12]
HD CE Africa Ltd. Ghana 100% 2025; 1 year ago [10]
HD Construction Equipment Develon Europe s.r.o. Czech Republic 100% 2019; 7 years ago [10][12][14]
HD CONSTRUCTION EQUIPMENT BRASIL – Industria e Comercio de Equipamentos de Construcao S.A. Brazil 99.99% 2011; 15 years ago [10][15]
HD Hyundai Construction Equipment India Private Ltd. India 99.99% 2007; 19 years ago [10][16]
HD Hyundai Infracore India Private Ltd. India 99.99% 2015; 11 years ago [10][12]
HD Hyundai Infracore Chile S.A. Chile 99.99% 2007; 19 years ago [10][12]
HD Hyundai Infracore South America IND.E Com. DE Brazil 99.99% 2007; 19 years ago [10][12]
HD CONSTRUCTION EQUIPMENT MEXICO S. de R.L. de C.V. Mexico 99.90% 2024; 2 years ago [10][12]
HD Hyundai (China) Investment Co., Ltd. China 100% 2006; 20 years ago [10][12]
HD HYUNDAI (SHANGHAI) FINANCIAL LEASING CO., Ltd. China 58.74% 2007; 19 years ago [10]
Hyundai Jiangsu Construction Machinery Co., Ltd. China 60% [10]
PT HD Hyundai Construction Equipment Indonesia Indonesia 69.97% [10]
PT HD Construction Equipment Develon Indonesia Indonesia 99.99% 2023; 3 years ago [10][12]
Clue Insights Inc. United States 71.45% 2019; 7 years ago [10][12]

References

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  1. ↑ "Hyundai CE - 2024 Sustainability Report" (PDF). Hyundai CE. August 2025. Retrieved 19 August 2026.
  2. ↑ "Annual Report". Financial Supervisory Service. March 18, 2026.
  3. ↑ Shin, Hyon-hee (April 17, 2012). "Hyundai Heavy wins $120 million in orders for construction equipment". The Korea Herald.
  4. ↑ Park, Jisoo; Choi, Youngseok (November 2014). "Economic Recession and Hyundai Heavy Industries - Strategies to Cope with the Risk Factors of Heavy Industry" (PDF). Korea Business Review. 18 (4). The Korean Academic Society of Business Administration: 81.
  5. ↑ "Spun-off Hyundai Heavy unit aims to become world's top 5 construction equipment maker". Yonhap. Seoul. May 24, 2017.
  6. ↑ Kim, Il-hwan (March 27, 2023). "Hyundai Doosan Infracore rebrands as HD Hyundai Infracore". Korea Economic Daily.
  7. ↑ Nam, Kwang-sik (August 20, 2021). "Hyundai Heavy completes takeover of Doosan Infracore". Yonhap.
  8. ↑ Na, Sang-hyeon (January 1, 2026). "HD Construction Equipment launches after merger of Korea's two largest machinery firms". Korea Joongang Daily.
  9. ↑ Ko, Dong-hwan (Jan 1, 2026). "Newly merged HD Construction Equipment aims for $10.3 bil. in sales by 2030". The Korea Times.
  10. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 "Quarterly Report for the first quarter of 2026". HD Construction Equipment. 15 May 2026. Retrieved 19 August 2026.
  11. 1 2 "History". HD Construction Equipment. Retrieved 19 August 2026.
  12. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 "HD Hyundai Infracore company information". FnGuide. Retrieved 19 August 2026.
  13. ↑ "HD Hyundai Infracore Norway AS". Foretaksinfo.no. Retrieved 19 August 2026.
  14. ↑ "HD Construction Equipment Develon Europe s.r.o." Pappers. Retrieved 19 August 2026.
  15. ↑ "HD Construction Equipment Brasil – company registration". Casa dos Dados. Retrieved 19 August 2026.
  16. ↑ "Our Story". HD Construction Equipment India. Retrieved 19 August 2026.
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