Doosan Heavy sells stake in sister firm to improve financial status

By Lim Chang-won Posted : August 29, 2018, 17:52 Updated : August 29, 2018, 17:52

[Doosan Heavy Industries & Construction]


SEOUL -- Doosan Heavy Industries & Construction, a key contractor in South Korea's nuclear power industry, decided to jettison shares in Doosan Bobcat, a construction equipment maker, to improve its financial structure.

Doosan Heavy said Wednesday in a regulatory filing that it would sell off its entire holding in Doosan Bobcat for 368.1 billion won ($331.6 million). Both are affiliated with the Doosan group, which has been involved in steady corporate restructuring.

Doosan Heavy, which builds nuclear power plants, thermal power stations, turbines and generators and desalination plants, has sought the sale of non-core assets as it faces an uncertain business outlook due to President Moon Jae-in's policy of phasing out power plants using fossil fuel.

In 2007, Doosan Infracore, the group's machinery manufacturing arm, acquired Bobcat and other construction equipment units from North Carolina-based Ingersol Rand PLC for $4.9 billion to run it in the name of Doosan Bobcat.



 
기사 이미지 확대 보기
닫기