Hyundai Construction Equipment, which separated from Hyundai Heavy Industries in April, announced Monday it expects to collect some 500 billion won ($449 million) by the end of 2021 for its deal with UK-based Netherlands industrial goods company CNHi to provide 2,200 mini excavators.

In an effort to expand its global reach, Hyundai Construction says it is looking to increase its annual sales volume in advanced markets such as North America and the Oceania region by 40 percent and 45 percent, respectively.

The company also announced it had received international orders for 145 excavating and general construction equipment units to be sent to New Zealand and Australia, as well an order for 285 forklifts from US construction firm Oldcastle.

“In an effort to further our technology development sector, as well as further develop our excavator sales lineups and strengthen the reliability of our evaluation centers, we plan to invest 660 billion won by 2021 to ensure that our company’s performance, quality and services are recognized as having the highest quality, not only in emerging markets but also in advanced markets,” said Hyundai Construction President Kong Ki-young in a press release.

“Through this, we will make an effort to become one of the world’s top five (construction equipment companies) by having our sales reach 7 trillion won by 2023,” he added.

By Julie Jackson (juliejackson@heraldcorp.com)