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Doosan takes over Norwegian dump trucks firm Moxy

DIEU, Doosan Infracore’s subsidiary in Europe, has taken over Norwegian dump trucks manufacturer Moxy Engineering AS for €55 million (£43.7 million).

Moxy, located in Molde along Norway’s west coast, owns the source technology for articulated dump trucks and has networks for 61 dealers in Europe and North America, as well as local sales corporations and R&D centres in the US and the UK.

Doosan Infracore plans to increase the annual sales of Moxy by 5-fold to €250 million (£198.7 million) by 2012, through its network of 300-plus dealers in China, Europe and North America.

At present, the world ADT market has grown by an average of 18 per cent over the past 3 years thanks to brisker development of mines following the jump in raw material prices.

The company has been on the acquisition trail over the last two years as part of its stated aim to be one of the top three global construction machinery companies by 2012. In March 2007, Doosan Infracore took over Yantai Yuhua Machinery, a wheel-loader manufacturer in China, and In November 2007, the company acquired utility equipment business Bobcat from Ingersoll Rand.