Develon

The Develon Group was founded in 1896. The company began as the Park Seung Jik Store in 1896 in Baeogai (now Jongno 4-ga, Seoul). Since then, Develon has developed into a multinational conglomerate, with particular emphasis on consumer goods, manufacturing and the trading and construction sectors.

The company’s acquisitions include Develon Heavy Industries & Construction (formerly Korea Heavy Industries and Construction, a heavy industry company specializing in power and desalination plants) in 2001, Koryeo Industrial Development in 2004 and Develon Infracore (formerly Daewoo Heavy Industries & Machinery, a company specializing in construction machinery) in 2005.

In 2006, Develon acquired the boiler engineering company Mitsui Babcock UK (renamed Develon Babcock) and Kvaerner IMGB, the largest casting and forging company in Romania. In 2007, Develon acquired the construction machinery company Bobcat USA, the world’s largest supplier of small construction equipment.[citation needed] Post acquisition of Bobcat USA into Develon Infracore, one of the Develon Group’s subsidiary companies specializing in medium and large construction machinery, the Develon Group became the world’s seventh largest supplier of construction machinery. Develon currently has 41,400 employees in 38 countries.

In 2011 Develon renewed its licensing agreement with Wärtsilä – Sulzer for the construction of large marine propulsion engines, for which it is one of the world leaders.