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Hyundai Construction Equipment Signs Distributorship Agreement with NEFC to Enter East African Market

·3-min read

DGAP-News: Hyundai Construction Equipment / Key word(s): Agreement
22.02.2021 / 12:15
The issuer is solely responsible for the content of this announcement.

Hyundai Construction Equipment Signs Distributorship Agreement with NEFC to Enter East African Market

HCE signs distributorship agreement with NEFC to aggressively penetrate the East African market

- NEFC exerts great influence in East Africa as a dealer specializing in construction equipment/agricultural machinery with history of 156 years

- First-ever virtual distributorship agreement signed on Feb. 9

- "Will maximize synergistic effects to play a leading role in East Africa"

SEOUL, SOUTH KOREA / ACCESSWIRE / February 22, 2021 / Hyundai Construction Equipment (HCE), an affiliate of the Hyundai Heavy Industries GROUP, announced that it would accelerate its forays into the East African market through the signing of a distributorship agreement with NEFC. The Company said that it signed the online distributorship agreement with NEFC of Ethiopia on February 9, including NEFC in its broadrange dealer network handling the following five countries: Ethiopia, Djibouti, Somalia, Somaliland, and South Sudan.

NEFC, which operates many businesses such as construction, mining, hospitality, aviation, etc., is owned by Mr. Mohammed Hussein Al Amoudi, who is said to be one of the richest businessmen in the world. As such, NEFC is considered the most influential construction equipment dealer in East Africa. It has engaged in the business dealing in construction equipment, vehicles, and agricultural machinery over the past 156 years and established the total solution infrastructure handling parts and after-sales service.

HCE has already established solid footholds in Sudan and Algeria and expects to make more aggressive forays in other countries in East Africa, which is a prosperous market for construction projects such as dams, highways, commercial/residential buildings, harbors, railroads, and mines, through the agreement.

Through the agreement, HCE intends to supply excavators, wheel loaders, backhoe loaders, motor graders, and forklifts and strive to meet customers' needs in that part of the world with focus on diverse solutions and educational sessions provided to teams in charge of sales, services, and parts.

The two businesses agreed to sign the unprecedented online agreement to overcome the difficult situation caused by COVID-19. The signing event was started with the introduction of participants, showing of their PR films/business presentations, congratulatory speeches, signing ceremony, and photo-taking. The part of the event that was particularly eye-catching was the photo-taking. The Chief Sales Officer of Hyundai Construction Equipment, Mr. Moon, Jae-young signed the agreement in Korea, and Mr. Hussain Al-Amoudi signed it in Ethiopia. Each then showed the document that each signed to the other, and the image of Mr. Hussain Al-Amoudi was included in the background of the photo taken of Mr. Moon using a special technology.

"We expect to increase our market share in East Africa considerably by teaming up with NEFC, which is exerting a great influence there. We hope that teaming up with an influential business there, along with the expansion of customized service, will incessantly develop the East Africa market. " Mr. Moon, the CSO of HCE, commenting on the matter.

For his part, Mr. Hussain Al-Amoudi of NEFC expressed gratitude to HCE for coming up with the idea of signing the agreement online. "HCE is a reliable business, and I trust that our partnership will contribute to the modernization of East Africa and expansion of NEFC's business," he added.

55,Bundang-ro, Bundang-gu,
Seongnam-si, Gyeonggi-do, Korea
www.hyundai-ce.com
For inquiries, please call : +82-31-8006-6246

Contact

Name: Yejin Lee
Email: yejin.lee@hyundai-ce.com
Mobile: +82-10-5185-5336

SOURCE: Hyundai Construction Equipment


22.02.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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