Doosan

Doosan Group has declared its commitment to concentrating its resources on the development of its electronics business through the acquisition of Novaled, a German manufacturer of OLED (organic light-emitting diode) displays.

On April 4, Sanghoon Lee, CFO of Doosan Group, told reporters, “We have an interest in this matter. We are taking a serious look into it,” on the occasion of the meeting between Minister Yoon Sang-jik of the Ministry of Trade, Industry & Energy and the CEOs of the top-30 business groups in Korea held at the Lotte Hotel Seoul.

“Doosan has acquired global competitiveness in the electronics business with an emphasis on electro-materials,” said CFO Lee. “We are focusing on the electronics business as its business cycle is different from our heavy equipment and construction & engineering business, the group’s current flagship business. We expect the growth of our electronics business will contribute to a balanced diversification of our group’s business portfolio.”

Regarding Samsung Cheil Industries, which recently joined the ranks of bidders for Novaled, CFO Lee said, “Samsung cannot help having an interest in the tender.” He went on to say, “We’re living an era of full-on competition. No one can argue about a company’s decision to make investments in an area of its own interest.”

With regard to the group’s business prospects in China this year, Lee said, “Last year, things were pretty bad in the Chinese market. However, the Chinese economy is back on track for solid growth this year. We have high expectations for our business outcomes in the country in 2013.” He added, “The Chinese government’s policies are still focused on economic growth, an approach which I believe is of considerable benefit to Doosan.”

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http://www.fnnews.com/view?ra=Sent0601m_View&corp=fnnews&arcid=201304040100055510002755&cDateYear=2013&cDateMonth=04&cDateDay=04
Source: The Financial News