News Releases for July 2007
July 30, 2007
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Statement Of Gov. John Hoeven On The Sale Of Bobcat
BISMARCK, N.D. – Gov. John Hoeven today issued the following statement in response to Ingersoll-Rand’s announcement on the sale of its subsidiary, Bobcat, to South Korean company Doosan Infracore for $4.9 billion:
“I spoke this morning with company leaders of Ingersoll-Rand, Bobcat and Doosan Infracore,” Hoeven said. “Those leaders include Herb Henkel, chairman and CEO of Ingersoll-Rand; Richard Pedtke, CEO of Bobcat; and Mr. Yongmaan Park, Vice Chairman and CEO of Doosan Infracore.”
“All three indicated to me that the sale will continue the Bobcat presence in North Dakota,” Hoeven said. “In our conversations, Mr. Park told me that Doosan intends to maintain the continuity of business and strategic direction at Bobcat. He also said that Doosan is adding manufacturing capability with the acquisition of Bobcat that will help the company grow its worldwide operations.”
In Hoeven’s conversations with Mr. Henkel and Mr. Pedtke, they indicated that Bobcat’s and Doosan’s products, manufacturing capabilities and market strengths complement rather than compete with one another. “Also, Mr. Pedtke said the company will be conducting informational meetings with employees at all of their facilities this week,” Hoeven said.
“Next week, I will meet with company officials from Doosan to discuss the company’s future plans, and to stress again the importance of Bobcat’s continued operations in our state,” Hoeven said. “We’re committed to working with them to do all we can to support and enhance Bobcat’s strong presence as a quality employer in North Dakota.”
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