In his New Year’s message, Doosan Group Chairman Park Yong-mann emphasized the need to solidify a foundation for growth by coping with business and technology changes in the year ahead.
Chairman Park said, “The global economy will likely continue to take a low growth path with the possibility of even more dangerous factors popping up.” Such uncertainties as the expanded impact of the slowing Chinese economy; international fund flow changes; the rise of the U.S. federal interest rate; geopolitical conflicts in the Middle Eastern region; and the post-2020 climate change pact will have an impact on near- and mid-term corporate activities, Park foretold.
“In a situation like this, we have to cope anticipatively and proactively and perform aggressive business activities in such advanced countries as the United States, which is seeing an improving economy, as well as emerging economies like India, which is forecast to enjoy a high growth rate,” he said.
He urged his group executives and staff members to establish a solid foundation for growth in the year ahead and respond nimbly and swiftly to business environment and technology changes. In particular, he called for employees to devote all of their energy to implementing the so-called Industry 4.0 Initiative, a manufacturing revolution through ICT convergence. A competitive edge in software and hardware the former of which will make manufacturing, products and services differential from others will be essential for growth, he said.
Chairman Park stressed the importance of teamwork in the field. “We should establish a stronger Team Doosan, which could have a powerful impact on the market, leading to successful business performances,” he said. To this end, he suggested a three-pronged strategy: “Simple” to remove unnecessary inefficiencies; “Powerful” to enhance execution; and “transparency” to make communication smoother.
Doosan’s Charges into Global Fuel Cell Market
Doosasn Group is shifting into high gear to explore the global fuel cell market. Fuel cells are an eco-friendly energy resource that converts chemical energy to electricity through chemical reactions with hydrogen.
In the year ahead, the group plans to explore the global fuel cell market in earnest.
The business group has laid a foundation to enter the global fuel cell market. In July 2014, Doosan acquired ClearEdge Power, a U.S.-based fuel cell technology company, and Fuelcell Power, a Korea-based leader in fuel cells, to establish a line-up with proprietary technologies, including those for household fuel cells.
Last year, Doosan inaugurated the fuel cell business division.
A Doosan Group official said the group plans to secure sufficient operational capabilities through M&As. “We will continue to be on the lookout for good companies,” he said. The group estimates that the global fuel cell market is projected to surge to 38 trillion won by 2023, with an annual average growth rate of 30 percent.
Analysts note that 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.
Doosan is one of Korea’s oldest and most successful companies. Over the years, Doosan has 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 and 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.
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