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Aiming to Become a Fortune 200 Company
Doosan’s Chairman pledges to establish an operational process under the holding co. system
Aiming to Become a Fortune 200 Company
  • By matthew
  • January 15, 2010, 13:34
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Doosan Group’s Chairman, Park Yong-hyun, announced his new year’s address on December 31, 2009. In it, he emphasized that Doosan’s primary field of operations will be the global market. He credited Doosan employee’s tireless efforts to enter new markets throughout the 1980s and 1990s. “We must maximize synergistic effects through efficient integration with our overseas affiliates, including Bobcat, Babcock and Skoda Power,” remarked Park.

Despite the global economic recession, Doosan demonstrated its potential to maximize its greatest asset, manpower, to maximize its abilities. “In the past year, we have attained 21.4 trillion won (US$ 19 billion) in sales and 800 billion won (US$ 700 million) in EBIT, respectively. Although these achievements fall short of our planned targets, considering what many believe is the worst economic slump of our time, they are successes that we should celebrate,” said Park.

He believes Doosan maximized its cash flow and thereby strengthened the company’s capacity, enabling it to move ahead of its rivals during economic recovery. In 2009, Doosan also successfully made the transition to a holding company structure, securing the framework for a sophisticated and transparent management system. He highly praised Doosan employees’ passion for ceaseless challenges, their open-mindedness and their flexible thinking.

Park emphasized three specific goals for 2010. The first is the pursuit of a growth strategy, with an emphasis on selection and focus. He urged everyone at Doosan to redouble their endeavors to advance into emerging markets, including Russia and Latin America, by actively adopting localized marketing schemes. He made a point that the necessity to develop technologies for future businesses, including environmentally-friendly facilities and renewable energy, is rapidly growing. Secondly, Doosan must continue efforts to improve management and increase internal competence in preparation for economic recovery. He stressed that the company will seek to fully leverage its rights and obligations as a holding company, thus establishing an operational process under the holding company system. Lastly, Doosan will seek financial security in the midst of economically uncertain times. He promised that Doosan will become a “Fortune 200” company by the end of the decade, and thereby becoming a truly “Global Doosan.”