Hyundai Construction Equipment announced July 24 that it has struck a deal to provide CNH Industrial with 2,200 mini excavators for a total of $449 million by 2021.

"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 [about $590,000,000] 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.

Hyundai also said it would like to expand its global reach by increasing annual sales in North America by 40 percent.

CNH Industrial announced an exclusive agreement in 2016 with Hyundai Heavy Industries for the production and development of mini-excavators.