• Hyundai already uses Cummins diesels in many of its excavators, wheel loaders and industrial equipment, and now it will own a piece of the action.
• Hyundai Heavy Industries and the longtime American engine-maker have formed the Hyundai Cummins Engine Co. (HCEC). Its facility will be built in Daegu, Korea,and will start putting out engines in 2014, the equal partners say.
• Both companies say they figure the deal positions them better for worldwide growth.

From the article:

Hyundai Heavy Industries and Cummins have announced a 50/50 joint venture partnership to manufacture 150bhp to 300bhp engines in Korea for a range of Hyundai construction and industrial equipment. ...