BC-ND-Bobcat Sale, 1st Ld-Writethru,0253

South Korean company completes purchase of Bobcat

Eds: UPDATES throughout. No pickup.

By JAMES MacPHERSON

Associated Press Writer

BISMARCK, N.D. (AP) - South Korea's Doosan Infracore Co. has completed the purchase of Bobcat Co., in a deal worth $4.9 billion.

Bermuda-based Ingersoll-Rand Co. Ltd. announced in July that would sell Bobcat and its utility equipment and attachments business units to Doosan.

The deal, which closed Friday, is the largest overseas acquisition in Korean history, Doosan said.

Bobcat, which is based in West Fargo and known for its skid-steer loaders, has plants in Bismarck and Gwinner, in southeastern North Dakota. The company employs more than 2,600 people in North Dakota.

Yongmaan Park, Doosan's chief executive officer, told Gov. John Hoeven in July that there would be no changes to Bobcat's operations in North Dakota, though union officials were skeptical.

European Union regulators approved the purchase last month, saying the deal would not disrupt competition within the European market.

Doosan said Bobcat and the utility equipment and attachments business will operate as individual businesses of Doosan Infracore International. Bobcat will retain its name, while, Doosan Infracore Portable Power replaces Ingersoll Rand Utility Equipment and DII Attachments will replace Ingersoll Rand Attachments.

The company said it now will have a network of more than 3,500 dealers worldwide and 20 manufacturing plants in the U.S., Europe and China.

Doosan, which already is South Korea's largest equipment manufacturer, wants to be one of the world's top five construction equipment companies by 2010. The company said the recent acquisition places it seventh, up from 19th.