HD Construction Equipment Co., Ltd. (HDCE; ), formerly Hyundai Construction Equipment, is a South Korean construction equipment manufacturer, and subsidiary of the HD Hyundai conglomerate.
The company is the largest construction machinery company in Korea, and was formed through the merger of Doosan Infracore and Hyundai Construction Equipment. HDCE markets its products under two brands; Develon and Hyundai.
History HD Construction Equipment was established in 1985 as a construction equipment division of Hyundai Heavy Industries, a shipbuilding company, based in Ulsan. In 2017, Hyundai Heavy Industries spun off its non-shipbuilding businesses, including electronics, robotics, and construction equipment, to enhance their competitiveness. As a result, Hyundai Construction Equipment was established as a separate company.
Following the parent group's rebranding in 2023, Hyundai Construction Equipment was renamed HD Hyundai Construction Equipment.
In 2021, HCE's parent company acquired Doosan Infracore, which later became HD Hyundai Infracore, its largest domestic rival.
In 2026, the two construction companies within the same corporate group merged to form HD Construction Equipment. Despite the merger, the company continues to market products under both the Develon brand, inherited from HD Hyundai Infracore, and the Hyundai brand from HD Hyundai Construction Equipment. The merged company operates manufacturing facilities in Ulsan, Incheon, and Gunsan in South Korea and in India, China, Brazil, and Norway.
Subsidiaries
As of 2026, HDCE's subsidiaries include:
Subsidiary Country of operation Shareholding Year established Ref. HD Construction Equipment Hyundai North America Inc. United States 100% HD Construction Equipment Hyundai Europe N.V. Belgium 100% HD Hyundai (China) Investment Co., Ltd. China 100% HD Hyundai Infracore (China) Investment Co., Ltd. China 100% HD Hyundai Infracore China Co., Ltd. China 100% HD Construction Equipment Develon North America LLC United States 100% HD Construction Equipment Norway AS Norway 100% HD Hyundai Infracore Engine (Tianjin) Co., Ltd. China 100% HD Hyundai Infracore Deutschland GmbH Germany 100% HD CE Africa Ltd. Ghana 100% HD Construction Equipment Develon Europe s.r.o. Czech Republic 100% HD CONSTRUCTION EQUIPMENT BRASIL – Industria e Comercio de Equipamentos de Construcao S.A. Brazil 99.99% HD Hyundai Construction Equipment India Private Ltd. India 99.99% HD Hyundai Infracore India Private Ltd. India 99.99% HD Hyundai Infracore Chile S.A. Chile 99.99% HD Hyundai Infracore South America IND.E Com. DE Brazil 99.99% HD CONSTRUCTION EQUIPMENT MEXICO S. de R.L. de C.V. Mexico 99.90% HD Hyundai (China) Investment Co., Ltd. China 100% HD HYUNDAI (SHANGHAI) FINANCIAL LEASING CO., Ltd. China 58.74% Hyundai Jiangsu Construction Machinery Co., Ltd. China 60% PT HD Hyundai Construction Equipment Indonesia Indonesia 69.97% PT HD Construction Equipment Develon Indonesia Indonesia 99.99% Clue Insights Inc. United States 71.45%
References