Hyundai Heavy Industries, a shipbuilding company, and KDB, the private equity firm of the Korea Development Bank based in Seoul, agreed to acquire a 38% stake in Doosan Infracore, an engineering company, for $773m. "We are happy to have Doosan Infracore, the top domestic construction equipment manufacturer with great talents and know-how, under our umbrella, and we feel a heavy responsibility to make it a better business. We will spare no effort in investing in futuristic technologies to keep abreast of the flow in the market for the two companies to enhance their status to top-tier position in the world market," Kwon Oh-gap, Hyundai Heavy Industries Chairman.