Hyundai Heavy Industries has grabbed $120 million worth of orders for earth-moving equipment at a trade fair in Europe, the world’s largest shipbuilder said Tuesday.
In the deals, the Korean firm will supply 1,050 excavators and 450 wheel loaders to companies from around the world. But the number and nationality of its clients are unclear because some of the contracts were signed through agents, a company spokesperson said.
The orders came while the shipbuilder is taking part in the Intermat 2012 in Paris, one of the world’s largest exhibitions for construction apparatus and technologies and materials industries. The tradeshow is scheduled for April 16-21, drawing some 200,000 visitors and 1,500 corporate participants from about 127 countries.
At the weeklong event, Hyundai Heavy showcased its new 9A Series excavators and wheel loaders, as well as hybrid excavators that it claims save fuel consumption by up to 25 percent.
The Ulsan-based shipyard has been stepping up its construction gear business since 1985 as a new source of revenue.
Sales of earth-moving equipment reached 1.2 trillion won ($1.06 billion) in the first three months of this year with orders from Europe surging over 10 percent from a year ago, the company said. It aims to jack that up to 5.2 trillion won by the end of 2012, up nearly 27 percent from 2011.
Hyundai Heavy manufactures excavators, loaders, forklifts and other tools and parts at four plants in China and one in India. It is also building a $150 million factory in Rio de Janeiro to make excavators and loaders there.
By Shin Hyon-hee (firstname.lastname@example.org