Doosan is one of Korea’s oldest and most successful companies. Doosan, marking the 118th anniversary of establishment this year, has slowly evolved into a global company.
In 1896, Korea’s first modern store, Park Seung-jik Store Ltd. made its debut in Baeohogae, Jongro 4-ga, Seoul, heralding the launch of Doosan.
The late Park Doo-byung changed the name of the Park Seung-jick Store he inherited to Doosan Store, ushering in Doosan’s modern era. In the early 1950s, he expanded its presence into such businesses as beer and trading. During the 1960s, the company made inroads into diverse business portfolios ranging from construction, food/beverages, and machinery to media and culture in keeping with the demands of the times. In the 1970s, Doosan fortified its leadership in life and cultural businesses and entered a stage of growth in the construction, machinery and electronics businesses.
Entering the 1980s, Doosan turned to the exploration of overseas markets. While making inroads into new businesses, including publishing and advertising, the company began to make preparations for the 21st Century.
In the 1990s, Doosan diversified its business portfolios to information, distribution, life, culture and technology materials with a focus on going global, top-class and advanced. In 1995, one year before the centennial celebration of establishment, recognizing dramatic changes through choice and concentration with the aim of becoming a global company, Doosan began restructuring. The company disposed of its mainstay businesses and assets, including OB Bear, consolidated 23 subsidiaries into four units, turned to a profit-taking mode, and introduced an advanced management system.
Capitalizing on sound financial conditions through restructuring and improved cash flows, Doosan achieved changes and growth in a full-fledged manner while exploring new growth engines in the 2000s. Starting with Doosan Heavies & Construction, specializing in power and desalination solutions in 2001. Doosan acquired Korea Development Corp., now Doosan E&C, in 2004, and Doosan Infracore, a construction equipment maker, in 2005, transforming its business portfolio focusing on consumption goods businesses into one covering a vast infrastructure support business group ranging from industrial infrastructure to construction equipment, energy, defense and production equipment.
In 2005, Doosan Hydro Technology was established by taking over an American water treatment business based in Tampa, American Engineering Services (AES) Inc. In 2006, Doosan also acquired global companies, including Mitsui Babcock with boiler design, engineering and other proprietary technologies, and Doosan IMGB, now the No. 1 in castings and forgings company in Europe, to have synergetic effects with the conventional businesses.
Doosn Infracore, which acquired Bobcat, a small-size construction equipment leader, in 2007, has now grown into the global No. 7 construction equipment maker producing small-, medium and large-sized equipment pieces.
In 2011, Doosan took over AE& E Chennia Works, an Indian thermal power boiler maker, to ramp up its presence in the Indian market, and Germany-based Lentjes, a flue gas desulphurisation technology company. In 2012, Doosan acquired Enpure of the U.K. to solidify its presence in the water treatment market.
In July 2014, Doosan also acquired Fuelcell Power, Korea’s household fuel cell leader, and ClearEdge Power, a U.S. building fuel cell technology company, to establish a full line-up with proprietary technologies, including those for household fuel cells.
Doosan has moved from strength to strength by acquiring global companies with proprietary technologies and higher synergic effects with conventional businesses. Doosan earned 63 percent of the group’s total annual sales from abroad in 2014.
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