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Doosan Group News

15 Nov 2011

Wärtsilä: License Agreement Extension with Korean Partner

Wärtsilä and its Korean partner, Doosan Engine Co. Ltd, a member of the Doosan Group, have signed a 10-year extension to the licensing agreement to build Wärtsilä low-speed engines. The agreement renewal covers the period from 2012 to 2021. Doosan Engine Co. Ltd, along with its predecessor licence holders Korea Heavy Industries and Samsung Heavy Industries, has been a long standing licensee of Wärtsilä, altogether for 28 years. It has produced close to 400 engines with a total power of over 20,000,000 BHP. Doosan Engine is the second biggest engine manufacturer in the world. Under the terms of the agreement, the licensee is authorised to manufacture and sell Wärtsilä low-speed marine diesel engines within its specified territory.

04 Jan 2010

Doosan to Doubles Profit in 2010

According to a Jan. 3 report from The Korean Times, Doosan Group has set this year's operating profit target at $1.4b, up 100 percent from 2009, group chairman Park Yong-hyun said Dec. 31. The conglomorate is aiming to reap $1.7b in total sales for 2010, up 14 percent from a year earlier, by applying selection and concentration strategy, he said. (Source: The Korean Times)

26 Aug 2008

Doosan Drops out of Daewoo Bid

Doosan Group pulled out of the bidding for Daewoo Shipbuilding, while steel firm POSCO said it was seeking partners to make a bid. POSCO, the world's No.4 steelmaker and a strong candidate for the Daewoo deal, wants to partner with a financial firm and 's National Pension Service (NPS) to bid for Daewoo Shipbuilding, reports said. The developments reflect expectations that a hefty premium for Daewoo Shipbuilding could double the value of a deal to $7.8-$9.6m and that tight credit market conditions are squeezing potential buyers. Source:  Reuters

19 Aug 2008

Posco Seeks Partner for Bid

Doosan Group pulled out of the bidding for Daewoo Shipbuilding, driving down shares of one of the world's biggest shipyards. South Korean steel maker Posco was reportedly seeking partners to bid for Daewoo Shipbuilding & Marine Engineering in a deal that would value the shipbuilder at as much as $9.6b. Shares in Doosan Group companies rose after it said it would not bid for Daewoo, easing concerns over the financial health of the conglomerate, which has made a series of acquisitions including last year's $4.9 billion cash deal for the U.S.-based Bobcat machinery business. Posco, a steel giant and a strong candidate for the Daewoo deal, wants to join with a financial firm and 's National Pension Service to bid for Daewoo Shipbuilding, said a person with direct knowledge of the  situation.

27 Mar 2008

KDB Starts Sale of Daewoo Shipbuilding

Daewoo Shipbuilding & Marine Engineering, one of 's "big three" takeover targets, has been put up for sale. The other two prime takeover targets are Hyundai Engineering & Construction and Hynix Semiconductor, Chosun reported. The Korea Development Bank said it has begun searching for a manager to sell Daewoo Shipbuilding with an aim to select a preferred bidder by August. After Daewoo Group was dismantled in 1999, the shipbuilding business was managed by creditors. The business graduated from its debt workout program in 2001 and has since been managed by the KDB and the Korea Asset Management Corp., which hold a combined stake 50.4 percent. KDB holds 31.3 percent and KAMCO 19.1 percent.

01 Feb 2007

Dung Quat Zone Attracts $5b

The Dung Quat Economic Zone in the central province of Quang Ngai has to date attracted 103 projects with a combined capital of over $5b, according to the Investment and Trade Promotion Centre of the zone’s management board. In 2006 alone, twenty projects were licensed in the zone, capitalized at over $1.1b, $832,of which came from foreign-invested projects. Among major new projects were a $1b steel mill by Taiwan’s Tycoons Group, a $260m heavy industrial complex by the Doosan Group of South Korea, and PetroVietnam’s $2.5b Dung Quat oil refinery. The zone, however, is still facing several challenges, said the centre. Technip, lead contractor of the refinery project…