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Shareholders Approve Merger Plan for HD Hyundai Construction Equipment and HD Hyundai Infracore… The New Entity, ‘HD Construction Equipment,’ to Launch in January 2026 as South Korea’s Leading Constru ▶ The merger plan received overwhelming approval, with 99.91% and 99.24% from shareholders at the respective extraordinary general meetings.   ▶ The merged entity will be named "HD Construction Equipment," with appraisal rights available until October 10.   ▶ "As South Korea’s leading construction equipment company, we aim to establish a new milestone in the construction equipment industry." The merger between HD Hyundai Construction Equipment and HD Hyundai Infracore has received approval at their extraordinary general shareholders’ meetings, leading to the establishment of a representative construction machinery company in Korea called ‘HD Construction Equipment.’  The approvals received were overwhelmingly positive, with 99.91% support at HD Hyundai Construction Equipment and 99.24% support at HD Hyundai Infracore. These meetings took place on the 16th at the Global R&D Center in Bundang and at HD Hyundai Infracore's headquarters in Incheon, respectively. Additionally, the name of the merged company has been confirmed as 'HD Construction Equipment.' An official launch is expected in January following a review period for appraisal rights that concludes on October 10. The merger was initially announced on July 1, with both companies aiming to enhance their market agility in response to ongoing global economic uncertainties and increasing competition. The goal is to secure future technological capabilities and improve cost competitiveness. Institutional Shareholder Services (ISS), the world’s largest proxy advisory firm, had recommended the approval of this merger. Additionally, major domestic credit rating agencies and reports from securities firms have shown a positive outlook on the potential synergies from the merger. The newly formed HD Construction Equipment aims to achieve sales exceeding KRW 14.8 trillion by 2030, positioning itself among the top global players in the industry. The company will focus on balanced growth across all business areas, including construction equipment, engines, and aftermarket services. Key strategies will include △strengthening fundamental competitiveness, △diversifying revenue streams, and △securing future growth through a unified decision-making process. An official from HD Hyundai’s Construction Equipment Division expressed appreciation to the shareholders for their confidence in the merger proposal, stating, “As Korea's leading construction equipment company, we will establish a new milestone in the development of the nation's construction equipment industry.” [Photo Caption 1] President Oh, Seung-hyun, presides over the ‘HD Hyundai Infracore Extraordinary Shareholders’ Meeting' held at the HD Hyundai Infracore headquarters in Incheon on Tuesday, the 16th.   [Photo Caption 2] President Choi Cheol-gon presides over the ‘HD Hyundai Construction Equipment Extraordinary Shareholders’ Meeting' held at the HD Hyundai Global R&D Center in Bundang on Tuesday, the 16th.   2025-09-16

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