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Doosan Corporation grows fuel cell · materials business as an independent company

- Held a BOD meeting and decided to spin off its two business units… to confirm the spin-offs at the extraordinary shareholders’ meeting on August
- To build an independent business management system for business management efficiency and expertise enhancement… to accelerate its business value and growth


Fuel cell business of Doosan Corporation will spin off as an independent company from Doosan Corporation. Materials businesses such as battery foil and OLED in Doosan Corporation will also spin off as an independent company.

Doosan Corporation held a BOD meeting on April 15 and decided to spin off the fuel cell and materials business units. As the two companies created through the spin-off, Doosan Fuel Cell(tentative) and Doosan Solus(tentative) will have independent management systems, and they will be listed in the stock exchange.

“We need to dominate the market in advance through aggressive business management as fuel cell and materials business sectors are expected to grow rapidly based on the recent market condition and prospect” and “they will have an independent management system to respond quickly to the internal and external business management environments and enhance expertise to accelerate the growth,” a Doosan official said.

The business area of Doosan Fuel Cell is the fuel cell for power generation business. The fuel cell has great potential as it features the smallest installation among renewable energy generation facilities; it can also supply stable power regardless of climate. The domestic fuel cell for the power generation business is expected to grow 20% annually on average by 2040 according to the government’s roadmap for the promotion of hydrogen economy. Doosan Fuel Cell recorded over 1 trillion won worth of orders for the first time in three years since it entered the market and expects orders to surpass 1 trillion won again this year.

Doosan Solus focuses on electronic materials such as the battery foil for which it has the original technology and OLED as well as biomaterials such as cosmetics and drug substances. As the OLED market is expanding from smartphones to TV and automobile panels, the demand for OLED materials is expected to grow considerably as well. The battery foil market is forecast to increase sharply at over 40% on average annually until 2025 as the electric vehicle market grows rapidly. The biomaterials market is expected to grow as the health and beauty industries continue to expand.

“We expect the listing to be an opportunity for these two emerging business units to be valued appropriately and a great help to financing investments” and “based on this, we will aggressively expand the factory and business area to respond to the market,” a Doosan official said.

Doosan Corporation plans to complete the listing change and re-listing in October after obtaining approval for the spin-offs during the extraordinary shareholders’ meeting on August 13.