Pine Brook, New Jersey - Doosan Infracore's CEO Dongyoun Sohn announced on the company would spin off its machine tools business sector and sell part of its stake in the spinoff, tentatively named as Doosan Machine Tools Corp. The separation will be completed by Dec. 22, 2015.
The sale of some stake will not affect Doosan Infracore’s control of the new company as the machine tools business will remain as its key business area. It will have no effect on consolidated financial statements as well.
The separation is aimed to improve Doosan Infracore’s financial structure and ensure long-term financial sustainability by selling part of stake, and to enhance business competitiveness and management efficiency by tailoring decision-making process for the nature of each business.
Negotiation for sale is underway with multiple global partners, leaving all possibilities open.
Source: Doosan Infracore America Machine Tools
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