Bobcat Sold To South Korean Firm
September 1, 2007
Ingersoll-Rand announced its agreement to sell Bobcat for $4.9 billion to Doosan Infracore, a South Korea-based machinery company. Doosan owns several other companies in the United States. Yongmann Park, vice chairman of Doosan Infracore, said in a news release that Doosan plans to maintain current management and employees going forward. That was one of the biggest concerns of North Dakota workers and officials alike, according to The Bismarck Tribune, as Bobcat employs more than 2,600 people in the state.
The sale represents a realignment of Ingersoll-Rand’s business focus to global climate control, industrial and security markets, the company said in a statement. The proceeds of the sale will go toward enhancing those lines.