Doosan Corp., holding company of Doosan Group, announced today that its shareholders have approved the plan to spin off its fuel cell and organic light-emitting diode (OLED) material business divisions.
Doosan announced in April 2019 that it will spin off its fuel cell and OLED material producing units as independent businesses in order for them to grow and establish in fuel cells and OLED’s.
The separate these businesses are tentatively to be named Doosan Fuel Cell and Doosan Solus. Both Companies are supposed to be established and listed on the local stock market before Oct. 1 2019 .
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.”