SEOUL -- Hyundai Construction Equipment, a construction equipment maker in South Korea, established a strategic tie-up with UN Forklift based in Zhejiang, a province in eastern China, to produce forklifts targeting emerging markets such as Southeast Asia, the Middle East, Russia and Australia.
Hyundai Construction Equipment (HCE), affiliated with South Korea's leading Hyundai shipbuilding group, said that it would produce 10 forklift models weighing under 3.5 tons through UN Forklift, based on an original equipment manufacturer (OEM) method. An original equipment manufacturer produces parts and equipment that may be marketed by another manufacturer.
HCE will maintain long-term cooperation by expanding production facilities at its Chinese partner. In 2018, the company developed a 3.5-ton electric excavator mounted with lithium-ion batteries which last up to eight hours in a joint project with Cummins, an American diesel and alternative fuel generator maker. Demands for eco-friendly and more power-efficient electric excavators are rising due to strengthened environmental regulations.
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