Heavy Equipment Production Co

What Heavy Equipment Production Co does

Heavy Equipment Production Company (HEPCO) is an Iranian state-owned manufacturer of road construction, mining, and agricultural heavy machinery, founded in 1975 and headquartered in Tehran with its principal manufacturing complex in Arak, Markazi Province. The company states it is the largest producer of road-construction and mining machinery in the Middle East, with a cumulative installed base of more than 30,000 machines and a 50-year operating history. The product portfolio spans eight equipment categories: crawler excavators (HEC 60, 220, 250LC, 370, 750LC), a wheeled excavator (HEW 140), wheel loaders and a backhoe loader (HLB105B, HSL350, HWL series), road rollers (HCP100C, HCD100C), a crawler bulldozer (HDZ42), motor graders (HG180D3, HG180D4), articulated and electric-drive dump trucks (HD 190, HDE220), and a mining truck (HT 165). HEPCO has also extended into industrial valve production for the oil and gas sector.

HEPCO operates a vertically integrated production chain covering cutting, welding, painting, assembly, and installation, supported by historical technology-transfer relationships with Volvo, Liebherr, and Komatsu. Its wholly-owned Hesco subsidiary delivers after-sales service, spare parts, overhauls, warranty work, and customer training across a nationwide dealership network; HEPCO University of Applied Sciences supplies technical talent. Since the late 1990s, the company has been owned by the Social Security Organization (Tamin) following privatization, and it positions itself as the domestic executive arm of state mining and metals body IMIDRO and defense procurement. Distribution is principally direct enterprise sales to government, municipalities, and large contractors in Iran, with financial-services support through partner banks such as Bank Refah and an emerging export channel targeting Russia, Belarus, Nigeria, Afghanistan, and Africa via MoUs and trade exhibitions.

The revenue model rests on four streams: (i) hardware sales of new machinery; (ii) after-sales services, warranty, overhauls, and spare parts through Hesco; (iii) industrial-project services manufacturing heavy and ultra-heavy components for steel, mining, and defense; and (iv) financial services supporting equipment purchases. Pricing is quote-based with multi-year enterprise contracts and is not publicly disclosed. HEPCO reported profitability in fiscal year 1403 (2024) after 15 consecutive years of losses, accompanied by a 300% year-on-year increase in raw materials and CKD parts procurement, export MoUs with Russian, Nigerian, and Belarusian partners, and a 93-position ranking improvement to third place in the machinery category of the Iranian Top Companies Ranking.

Name

Heavy Equipment Production Co

Legal name

شرکت تولید تجهیزات سنگین هپکو (HEPCO Heavy Equipment Production Company)

Website

https://hepcoir.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

HEPCO is an Iranian state-owned manufacturer of road construction, mining, and agricultural heavy machinery — including excavators, loaders, dump trucks, graders, and bulldozers — supplying government agencies, mining companies, and large infrastructure contractors.

Ownership category

akta.pro rank

Product category

Heavy construction and mining machinery manufacturing

NAICS

Construction Machinery Manufacturing (333120), Construction Machinery Manufacturing (33312), Agriculture, Construction, and Mining Machinery Manufacturing (3331)

SIC

Construction Machinery & Equip (3531), Construction, Mining & Materials Handling Machinery & Equip (3530)

akta.pro primary industry

Agricultural Equipment MRO (Tractors, Harvesters, Implements) (TLAKAHAB)

akta.pro secondary industries

Material Handling Equipment MRO (Forklifts, Reach Trucks, Pallet Jacks) (TLAKAHAC), Workshop Services & Support (Tool Calibration/Repair, Equipment Installation/Maintenance, Training) (TLAKAOAN), Powertrain, Engine & Drivetrain Parts Distribution (New/Reman) (TLAKAOAE)

Keywords

• Heavy machinery manufacturing
• Construction equipment
• Mining machinery
• Road construction equipment
• Industrial equipment assembly

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Heavy Equipment Sales: HEPCO generates primary revenue from manufacturing and selling road construction, mining, and agricultural machinery including bulldozers, loaders, rollers, excavators, graders, and dump trucks.
2. After-Sales Services and Spare Parts: Hesco subsidiary provides after-sales services, warranty services, spare parts supply, overhaul, and customer training, generating recurring service revenue.
3. Industrial Project Services: HEPCO undertakes industrial projects manufacturing heavy and ultra-heavy components for steel, mining, and related industries, providing cutting, welding, painting, assembly, and installation services.
4. Financial Services: HEPCO offers financial services to customers for purchasing machinery, supporting equipment sales.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

HEPCO manufactures, assembles, and supplies heavy machinery for the construction, mining, and agriculture sectors in Iran and the broader Middle East. Its product portfolio spans crawler and wheeled excavators, wheel loaders, road rollers, motor graders, bulldozers, mining trucks, and dump trucks. The company also delivers after-sales services, spare parts, overhaul, customer training, and equipment financing through its Hesco subsidiary.

Product overview

HEPCO (Heavy Equipment Production Co) is the largest manufacturer of road construction and mining machinery in the Middle East. The product portfolio includes: Crawler Excavators (HEC 60, HEC 220, HEC 370, HEC 250LC, HEC 750LC), Wheeled Excavators (HEW 140), Loaders (HLB105B, HSL350, HWL180 PRO, HWL110-3, HWL110-3N, HWL140-1 PRO, HWL110-5 COMPACT), Road Rollers (HCP100C, HCD100C), Bulldozers (HDZ42), Graders (HG180D3, HG180D4), Mining Trucks (HT 165), and Dump Trucks (HD 190, HDE220). The company also provides related services including after-sales service, overhaul, financial services, and customer training through its subsidiary Hesco.

Differentiator

Problem solved

Functional benefit

Brands

• Hesco: After-sales service brand providing spare parts, warranty services, and technical training for HEPCO products

Products and services

• HEC 60 Crawler Excavator Crawler excavator model HEC 60 designed for road construction and mining earthworks operations. Targeted at government infrastructure, mining, and construction contractors.
• HEC 220 Crawler Excavator Crawler excavator model HEC 220 engineered for heavy-duty excavation and mining applications requiring higher capacity than the HEC 60.
• HEC 370 Crawler Excavator Large crawler excavator model HEC 370 suited for large-scale mining operations and heavy earthmoving projects.
• HEC 250LC Crawler Excavator Crawler excavator model HEC 250LC for construction and mining projects requiring mid-to-large capacity excavation.
• HEC 750LC Crawler Excavator Heavy-duty crawler excavator model HEC 750LC designed for large-scale mining and construction operations requiring high-capacity digging forces.
• HEW 140 Wheeled Excavator Wheeled excavator model HEW 140 for construction and excavation applications where mobility on roads between sites is required.
• HLB105B Backhoe Loader Backhoe loader model HLB105B for combined loading and excavation tasks at construction and municipal sites.
• HSL350 Wheel Loader Wheel loader model HSL350 for material handling and loading operations across construction, mining, and aggregate handling sites.
• HWL180 PRO Wheel Loader Wheel loader model HWL180 PRO for heavy-loading operations in mining and large construction projects.
• HWL110-3 Wheel Loader Wheel loader model HWL110-3 for construction and mining material handling tasks.
• HWL110-3N Wheel Loader Wheel loader model HWL110-3N for construction applications with an additional configuration variant of the HWL110-3 platform.
• HWL140-1 PRO Wheel Loader Wheel loader model HWL140-1 PRO for heavy-duty loading tasks in construction and mining.
• HWL110-5 COMPACT Wheel Loader Compact wheel loader model HWL110-5 designed for confined-space operations such as urban construction sites and material yards.
• HCP100C Road Roller Road roller model HCP100C for road construction and compaction of sub-base and base layers.
• HCD100C Double Drum Road Roller Double drum road roller model HCD100C for soil and asphalt compaction in road construction projects.
• HDZ42 Crawler Bulldozer Crawler bulldozer model HDZ42 for earthmoving, pushing, and grading operations in construction and mining environments.
• HG180D3 Motor Grader Motor grader model HG180D3 for road construction surface leveling and earthworks.
• HG180D4 Motor Grader Motor grader model HG180D4 for precision grading operations in road construction and infrastructure projects.
• HD 190 Articulated Dump Truck Articulated dump truck model HD 190 for mining material transport in challenging haul road conditions.
• HDE220 Electric Drive Dump Truck Electric drive dump truck model HDE220 for mining operations, designed for material haulage with electric drive architecture.
• HT 165 Mining Truck Mining truck model HT 165 for heavy mineral transport in open-pit mining operations.
• Hesco After-Sales Service After-sales service, warranty services, spare parts supply, and technical support for HEPCO products across Iran, provided through Hesco's nationwide dealership and service network. Targeted at HEPCO equipment owners including government fleets, mining operators, and contractors.
• Overhaul and Refurbishment Services Reconstruction and modernization (overhaul) services for HEPCO heavy equipment to extend equipment life and performance. Targeted at existing fleet operators in construction, mining, and agriculture.
• Customer Training Services Customer and technician training programs for operators and mechanics of road construction, mining, and agricultural machinery, delivered at the Hesco Training Center, the most comprehensive training hub of its kind in Iran.
• Financial Services for Equipment Purchase Financial services and financing models offered to customers to facilitate the purchase of HEPCO heavy machinery, including partnerships with banks such as Bank Refah. Targeted at enterprise buyers needing equipment financing.
• Industrial Project Manufacturing Services Industrial project services for manufacturing heavy and ultra-heavy components for steel, mining, defense, and oil and gas industries, including cutting, welding, painting, assembly, and installation. Undertaken through direct project contracts.
• Oil and Gas Valve Manufacturing Production of industrial valves for oil and gas applications, developed in cooperation with major Iranian oil and gas contractors. Targeted at oil and gas industry customers requiring domestic valve supply.

Quantifiable outcome

• Over 30,000 machines delivered for road construction and mining projects
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• IMIDRO (Iranian Mines and Metals Development Organization)coreStrategic or Co-development Partner · 1 June 2026IMIDRO managers visited HEPCO production lines to evaluate capabilities for producing mining dump trucks. HEPCO's CEO emphasized HEPCO's readiness to serve as the executive and specialized arm of IMIDRO and Idro for domestic procurement, replacing imports.
• Volvo, Liebherr, KomatsucoreTechnology or IntegrationHEPCO has a successful history of technology transfer and cooperation with Volvo, Liebherr, and Komatsu. The company's engineering team leverages indigenous knowledge gained through these partnerships to manufacture heavy equipment including dump trucks.
• Russian and Nigerian CompaniesminorStrategic or Co-development PartnerTwo MoUs signed — one with a Russian company and one with a Nigerian company — signaling intent for cooperation in heavy equipment manufacturing and export.
• Belarus — Joint Commission for Economic CooperationminorStrategic or Co-development PartnerA MoU was signed during the Iran-Belarus Joint Economic Cooperation Commission session for HEPCO to produce mining dump trucks in cooperation with Belarusian partners.
• Major Oil and Gas ContractorminorStrategic or Co-development PartnerHEPCO signed a cooperation contract with a major Iranian oil and gas contractor for the production of oil and gas valves, marking HEPCO's entry into the industrial valve manufacturing sector.
• University of Applied Science (Danush)coreStrategic or Co-development PartnerMoU signed between University of Applied Science and HEPCO Holding for establishing a professional competency framework. Hiring at HEPCO will now be based on professional competencies certified by the university, and all employees will receive supplementary skills training.
• Defense Industries OrganizationminorStrategic or Co-development PartnerHEPCO cooperates with the Defense Industries Organization to meet domestic needs and reduce reliance on imports, producing specialized equipment for national defense requirements.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• XCMG Group: Chinese state-affiliated heavy equipment manufacturer producing cranes, excavators, loaders, road machinery, and mining trucks. Closest direct competitor by product breadth, geographic posture in emerging markets, and state-backed positioning.
• Sany Heavy Industry: Chinese heavy machinery manufacturer with leading positions in excavators, concrete machinery, cranes, and piling equipment. Comparable to HEPCO in excavator and crawler product categories and in competing for emerging-market infrastructure contracts.
• Komatsu: Japanese OEM specializing in construction and mining equipment including hydraulic excavators and mining dump trucks. Direct overlap with HEPCO's mining dump truck (40/65/100-ton) and crawler excavator product lines; HEPCO has historic technology transfer ties with Komatsu.
• Hitachi Construction Machinery: Japanese OEM of hydraulic excavators and mining dump trucks. Directly comparable to HEPCO's excavator range and mining truck portfolio (40/65/100-ton class).
• Hyundai Construction Equipment: Korean manufacturer of crawler and wheeled excavators, wheel loaders, and skid-steer loaders. Directly comparable to HEPCO's excavator and loader product families.
• Liebherr: Swiss-German manufacturer of construction machinery, mining equipment, and heavy-duty trucks. Direct comparability in excavators, mining trucks, and heavy earthmoving equipment; HEPCO has historic technology transfer relationship with Liebherr.
• Volvo Construction Equipment: Swedish OEM of wheel loaders, articulated haulers, excavators, and road construction equipment. Direct overlap with HEPCO's loader and construction equipment lines; HEPCO has historic technology transfer relationship with Volvo.
• Doosan Infracore (Bobcat/Doosan): Korean construction equipment manufacturer offering excavators, wheel loaders, and articulated dump trucks. Comparable product portfolio to HEPCO across mid-range excavators and dump trucks.

Broad incumbents

• Caterpillar: Global leader in construction and mining equipment (excavators, dump trucks, loaders, graders, dozers). Comparable to HEPCO's core product range across all eight categories, but operates at vastly greater scale with global dealer/service networks.

Emerging players

• Zoomlion Heavy Industry: Chinese heavy equipment manufacturer with growing global presence in construction machinery including excavators, cranes, and earthmoving equipment. Comparable to HEPCO in product breadth and in competing in developing-market infrastructure projects.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/irhepco
• LinkedInlinkedin.com/company/hepcoir

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heavy Equipment Production Co