Doosan Infracore will sell part of its stake in the spin-off, tentatively named as Doosan Machine Tools Corp. The separation will be completed by December 22, the official announcement says. Negotiation for sale is underway with multiple global partners, “leaving all possibilities open”, added the statement dated 11 October this year.
The sale of this stake will not, however, affect Doosan Infracore’s control of the new company, as the machine tools business will remain as its key business area, it is emphasised. And it will have no effect on consolidated financial statements either.
The separation is aimed at improving Doosan Infracore’s financial structure and to ensure long-term financial sustainability, plus it is intended to “enhance business competitiveness and management efficiency by tailoring decision-making process for the nature of each business”.
Doosan Infracore’s other activities take in construction machinery and engine manufacture. Its machine tool activities are represented in the UK and Ireland by Mills CNC, which has announced an Open House event for 4 and 5 November. It is the first Open House held by the company in over 10 years. More details here.
