HD Construction Equipment and Manitou Group signed a mutual sales partnership agreement for compact construction equipment on Monday at Manitou Group’s headquarters in Ancenis, France. The partnership is expected to strengthen their presence in the global compact construction equipment market.
The signing ceremony was attended by Moon Jae-young, president of HD Construction Equipment, Sylvain Blaise, president of Manitou Group, and other key officials from both companies.
Manitou Group supplies construction, agricultural and industrial equipment, including telehandlers and forklifts, in 140 countries under its Manitou and Gehl brands.
Under the agreement, HD Construction Equipment will source compact construction equipment from Manitou Group and sell it globally under its Hyundai and Develon brands. Manitou Group will add the construction company’s compact equipment to its portfolio, expanding its Manitou and Gehl lineups.
HD Construction Equipment plans to expand its compact equipment lineup and production capacity to improve product quality and price competitiveness, with a goal of generating 1.3 trillion won ($955 million) in compact equipment sales by 2030.
Compact equipment accounted for about 400,000 of the roughly 1.2 million construction machines sold globally in 2025, according to British construction equipment research firm Off-Highway Research. MarketsandMarkets forecasts the global compact construction equipment market to grow 5.1 percent annually from $39.6 billion in 2025 to $56.2 billion by 2032.
“We will combine the strengths of both companies to enhance the competitiveness of compact construction equipment and further expand our global presence,” Moon said.
“This partnership is part of a strategic road map to accelerate growth in our compact equipment portfolio,” Blaise said. “By combining our manufacturing capabilities and innovation, we will strengthen our product portfolio and provide greater value to dealers and customers worldwide.”
By Jung Young-seon (jyoungseon8@heraldcorp.com)
