Construction equipment maker Hyundai Construction Equipment Co. said on Thursday that it has signed a deal with Chinese forklift maker UN Forklift to produce forklifts under an original equipment manufacturing (OEM) agreement.

Hyundai Construction Equipment plans to expand its global sales of forklifts produced by the Chinese maker to $100 million by 2025, the company said.

The forklifts to be produced by UN Forklift include 10 kinds of 2 to 3.5-ton models, Hyundai Construction Equipment said.

Last year, the South Korean company sold about 12,000 forklifts in 113 countries and recorded around $400 million in sales.

Hyundai Construction Equipment, meanwhile, is slated to finalize a deal to acquire local top player Doosan Infracore Co. in the months to come. (Yonhap)