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According to Yonhap News,
Hyundai Heavy Industries has won a $70 million worth-construction equipment order for 300 excavators, 150 wheel loaders and others in Brazil during its participation in M&T EXPO 2012, held in San Paulo, Brazil.
M&T EXPO, Central and South America's largest construction equipment exhibition held every three years, was forecasted to attract 450 companies from 30 countries this year.
Hyundai Heavy Industries unveiled its 17 devices including backhoe loaders, wheel loaders and forklifts. Among them, excavators named 9S series, manufactured to be customized to the needs of the local constructors, was put into spotlight.
With the phase two Growth Acceleration Program (PAC 2) to invest a total of $526 billion in road, airport, railway and port and organization of the 2014 World Cup and 2016 Olympics, Brazil is seeing construction boom.
Hyundai Heavy Industries has been launching aggressive marketing to enter the prosperous Brazilian market by developing customized construction equipment for local constructors.
The company invested $150 million to build a manufacturing facility for construction equipment in Rio de Janeiro, scheduled for completion in the second half of this year.
The facility is expected to have an annual capacity to manufacture 2,000 excavators and wheel loaders.
Hyundai Heavy Industries said, "We ranked No. 1 in Brazil's excavator and wheel loader sector with 23 percent of market share last year. The new manufacturing facility will lay the groundwork for our entry into the Central and South American market."
The company already won a $120 million order for 1,500 construction devices at INTERMAT, an international exhibition for construction equipment, held in Paris, France last April.
It is aiming at becoming the third largest manufacturer of construction equipment in the global market through its establishment of production bases in emerging economies including China, India and Brazil.
Source: Yonhap News (May 31, 2011)
** This is an English translation of a Korean text.