July 30, 2007 - Bobcat Sold To South Korean Firm
Doosan Infracore Co., Ltd., purchased Bobcat Co. for $4.9 billion, according to a Wall Street Journal online report posted yesterday.
Doosan, a South Korean conglomerate involved in everything from publishing to animal feed, has been making moves into the general industrial business. The firm already produces heavy construction equipment and diesel engines.
The deal for Bobcat, based in Fargo, ND, also includes air compressors, portable light towers and tools used with excavating equipment. Former owner Ingersoll-Rand Co. had indicated a possible sale after weak financial results related to the housing downturn, according to the online report. The paper also said Doosan paid a high sum for the acquisition, with some analysts valuing Bobcat at $3 billion. The Journal reported Bobcat’s 2006 sales at $2.6 billion.