Doosan Corp., the holding company of Doosan Group, held an investor relations (IR) session on Sept. 19 to present the business plans of the three companies to be created through a corporate spin-off.
The firm has decided to spin off its fuel cell unit to create Doosan Fuel Cell and the material unit to set up Doosan Solus. Doosan Corp. will run the remaining business units except the two.
Dong Hyun-soo, vice chairman of Doosan Corp., said he would increase the holding company’s consolidated sales from 3.40 trillion won (US$2.85 billion) this year to 7 trillion won (US$5.86 billion) in 2023.
Doosan Fuel Cell is a company that produces fuel cells for power generation. The company’s CEO Yoo Soo-kyung said his goal is to accomplish 1 trillion won (US$836.82 million) in sales by 2023. The company saw its order receipts surpass 1 trillion won (US$836.82 million) last year for the first time on the back of an order to build the world’s largest byproduct hydrogen plant.
The domestic market for fuel cells for power plant is expected to grow more than 20 percent a year on average until 2040, according to the government’s road map for hydrogen economy stimulation.
Doosan Solus, which focuses on electronics materials, including battery foil, and bio materials, is aiming to boost sales from 260 billion won (US$217.57 million) this year to 1 trillion won (US$836.82 million) in 2023. Doosan Solus CEO Lee Yoon-suk is planning to mass produce battery foils at its Hungarian factory, which is the only battery foil production plant in Europe, from the second half of next year to dominate the European market.
The stock trading of Doosan Corp. will be suspended from Sept. 27 to Oct. 17 before being relisted on Oct. 18, along with the stocks of the two new entities.