Doosan Shareholders Approve Spinoff of Fuel Cell, OLED Material Units

Doosan Corp., the holding company of South Korean conglomerate Doosan Group, said its shareholders have approved the company’s plan to spin off its fuel cell and organic light-emitting diode (OLED) material business units. In April, Doosan announced that it will break off its fuel cell and OLED material producing units as independent entities to seek further growth in the areas.

Under the plan, the two new companies, tentatively named Doosan Fuel Cell and Doosan Solus, will be established on Oct. 1 and listed on the local stock market.

Doosan said its fuel cell unit, whose customers are mostly power generators, surpassed 1 trillion won in orders for the first time last year and is expected to fare well this year. The company added that its fuel cell business is expected to grow at an annual average of 20 percent following the government’s road map to develop hydrogen-related industries.

Doosan Solus will focus on producing OLED and battery foil materials as well as bio components used in cosmetics and pharmaceuticals.