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Doosan Group
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Doosan Group (Korean: 두산그룹; Hanja: 斗山그룹) is a South Korean multinational conglomerate corporation. In 2009, the corporation was placed in the Fortune Global 500 index.[1] It is the parent company of Bobcat and Škoda Power. Doosan Group is the oldest running company in South Korea[2] and was ranked as one of the world's top 10 largest heavy equipment manufacturers in 2018.[3]

Key Information

History

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The Doosan Group was founded in 1896.[4] The company began as the Park Seung Jik Store in 1896 in Baeogai (now Jongno 4-ga, Seoul).

Doosan has developed into a multinational conglomerate.

The company's acquisitions include Doosan Heavy Industries & Construction in 2001, Koryeo Industrial Development in 2004 and Doosan Infracore (formerly Daewoo Heavy Industries & Machinery in 1967) in 2005.[3]

In 2006, Doosan acquired the boiler engineering company Mitsui Babcock UK (renamed Doosan Babcock) and Kvaerner IMGB, the largest casting and forging company in Romania. In 2007, Doosan acquired the construction machinery company Bobcat USA.[5] After the absorption of Bobcat USA into Doosan Infracore, the Doosan Group became the world's seventh largest supplier of construction machinery.[4] Doosan currently has 41,400 employees in 38 countries.[4]

In 2011, Doosan renewed its licensing agreement with Wärtsilä-Sulzer for the construction of large marine propulsion engines, for which it is one of the world leaders.

On January 1, 2018, Doosan and Doosan Bobcat were separated into independent companies.[6] In July 2021, Doosan Infracore was acquired by Hyundai Heavy Industries, which paid approximately $722.45 million for a 30% controlling stake in the company. Doosan Infracore is planned to become a subsidiary of the newly created Hyundai Genuine group.[7]

As of 2023, Doosan has rebranded as Develon.[8]

Companies

[edit]

Doosan Corporation (Holding Company)

  • Doosan Corporation Electro-Materials supplies the main materials for polychlorinated biphenyls, a core part for electronics, including copper clad laminate and OLED materials (illuminating and common layer for fluorescence phosphorescence.)
  • Doosan Corporation Digital Innovation provides customers including Doosan affiliates with information technology consulting, system setup, business system operation and information technology infrastructure operation.
  • Doosan Corporation Fuel Cell Power: Doosan Corporation Fuel Cell has a full lineup of products, from power generation to residential use, based on its proprietary fuel cell technologies.
  • Doosan Corporation Retail: Doosan Tower is a shopping mall with more than 550 fashion stores, attracting 20 million visitors each year.

Affiliates

  • Doosan Enerbility, established in 1962, develops thermal power plant, nuclear power plant, seawater desalination plant, casting and forging and construction in the Middle East, Asia, Europe and North America with a total of $9.6 billion in revenue in 2012. Doosan has built over 400 nuclear, thermal and combined-cycle power plants. Doosan has proprietary technologies for all three major desalination types: multi-stage flash, multi-effect distillation, and reverse osmosis. The company has acquired Romania's largest casting and forging manufacturer, the boiler manufacturer Mitsui Babcock, and a Czech-based turbine manufacturer, Skoda Power. It has also established desalination research and development centers in Tampa, U.S., Damman, Saudi Arabia and Birmingham, UK.
  • Doosan Industrial Vehicle: A manufacturer of global logistics equipment, as well as engine-type forklifts and electronic forklifts.
  • Doosan Fuel Cell: Doosan bought U.S. fuel cell maker ClearEdge Power, a stationary fuel cell manufacturer based in Silicon Valley.[9]
  • American Engineering Services (currently, Doosan Hydro Technology) in 2005.[10]
  • IMGB (currently, Doosan IMGB) in 2006. Doosan IMGB is the largest casting and forging company in Europe with headquarters in Romania.[11]
  • Doosan Babcock Energy in 2006[12]
  • Doosan Bobcat in 2007[13]
  • Advanced Technology Lubben in 2008,[14] located in Lübben, outside Berlin (Germany) and has the original technology to support the production of material handling equipment for warehouses and airports.
  • Doosan Robotics: Manufacturing industrial robots
  • Skoda Power in 2009,[15] a manufacturer and supplier of Skoda design steam turbines from 5 MW to 1,200 MW, machine halls and of customer services for fossil and nuclear power plants, combined cycles, co-generation and incineration plants.
  • Enpure: in 2012 Doosan Heavy Industries & Construction acquired Enpure, a U.K. based water/wastewater treatment company with core technologies and patents for removing foreign matters from source water and seawater, as well as water/wastewater treatment and design of desalination facilities.
  • Oricom provides services for marketing brands including planning, creative, brand consulting, media, promotion and online marketing.
  • Hancomm is a representative general advertisement agency in Korea, which has been leading the development and growth of the advertisement industry along with Oricom.
  • Doosan Bears, formed in January 1982, the first year of the professional league in Korea, was the country's first professional baseball team.
  • Doosan Cuvex operates the Ladena golf club in Chuncheon, Korea.
  • Doosan Magazine was in 1996 the first fashion magazine publisher in Korea, known as the local licensee for GQ, Vogue, Allure and W.

Auxiliary Organizations

  • Yonkang Foundation, established in 1978 in honor of the company's first chairperson the late Yonkang Too Pyung Park, is involved in scholarships, R&D financing, overseas training for teachers, educational welfare and sharing books.
  • Doosan Art Center supports young artists in its facilities, including Yonkang Hall, Space111 and Doosan Gallery.
  • DBRI (Doosan Business Research Institute): The Doosan Leadership Institute hosts educational programs including workshops, forums, and seminars for employees of the group.

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Doosan Group

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from Grokipedia
Doosan Group is a prominent South Korean multinational conglomerate and one of the country's oldest chaebols, founded in 1896 as Korea's first modern retail store by Seung-Jik in . Over its 129-year history, the group has transformed from consumer goods and international trading—pioneering modern and establishing OB in the 1950s—to a diversified powerhouse in , , and . Today, it specializes in power generation, equipment, industrial machinery, water solutions, and advanced sectors like fuel cells, , and , with key operations including power plants in , desalination facilities in the , and machinery leadership in . Headquartered in , Doosan operates through a structure under , encompassing major subsidiaries such as (power and heavy industries), (compact construction equipment), (energy solutions), (collaborative robots), and Doosan Electro-Materials ( components). The group maintains a global footprint across more than 38 countries, supported by approximately 40,000 employees and around 166 subsidiaries. In 2024, Doosan reported consolidated revenues of 18.72 trillion (approximately US$13.7 billion), reflecting its focus on sustainable growth amid challenges in the energy and manufacturing sectors. Under the leadership of Chairman Jeong-won Park and a team emphasizing innovation, Doosan has pursued strategic mergers, acquisitions, and R&D investments since restructuring in the late , positioning itself as a key player in the global transition to clean energy and AI-integrated automation. In 2025, the group has intensified efforts in AI-driven strategies, including and advancements, while navigating market shifts like project delays in deployments.

Overview

Founding and Name Changes

The Doosan Group traces its origins to 1896, when Park Seung-jik established the Park Seung Jik Store in Baeogae, Jongno 4-ga, , as Korea's first modern retail outlet specializing in textiles, , and machinery trading. Initially operating as a small family-run business amid the late Dynasty, the store imported and sold , fabrics, and basic machinery parts, laying the groundwork for future diversification into industrial sectors. By the early , under Park's leadership, the enterprise expanded its scope to include production of local like Bakgabun powder, which gained popularity in the 1920s, while continuing to trade in machinery components to support Korea's nascent industrialization. During the Japanese colonial period (1910–1945), the business faced significant disruptions, including forced asset controls and wartime requisitions, which limited its operations but preserved its core trading activities. Following Korea's liberation in 1945 and the (1950–1953), the company underwent recovery efforts led by Park's son, Too-pyong Park, who assumed leadership and focused on rebuilding through imports of essential goods, including for spinning and machinery for reconstruction. In 1951, it established the Doosan to facilitate , and by 1953, Doosan Industries was founded to handle foreign imports and domestic distribution, emphasizing machinery and raw materials vital to post-war economic revival. A pivotal name change occurred in 1946, when the enterprise was reorganized and renamed Doosan Sanghoe (Doosan Store) under Park Too-pyong's direction, symbolizing a shift toward formalized and deriving from elements of his name ("Too" and "San" for mountain, evoking stability). This rebranding marked the transition from a personal store to a professional entity, enabling further expansion into brewing with the 1952 founding of (later OB Beer). By 1978, amid growing diversification, the overarching OB Group was renamed the Doosan Group to unify its expanding portfolio under a single identity. The late 1990s Asian financial crisis prompted extensive restructuring, culminating in 1998 when nine key affiliates were consolidated into a renamed Doosan Corporation, streamlining operations and refocusing on core strengths in trading and emerging industries. This reorganization, completed around the group's centennial in 2000, addressed debt burdens and positioned Doosan for global growth, though detailed subsidiary integrations continued into the early 2000s.

Current Scope and Global Presence

Doosan Group operates as a diversified conglomerate with core sectors encompassing , construction equipment, and energy solutions, including power generation systems, industrial machinery, and compact loaders. In 2024, the group achieved consolidated revenue of approximately 18.13 trillion (about $13.1 billion USD) and employed over 38,500 people worldwide. The group's global footprint spans 38 countries, supported by subsidiaries, branches, and sales networks that facilitate international expansion. Major operational hubs include its headquarters in , the via for North American distribution, through Škoda Power for solutions, and key Asian markets for regional and service. Principal manufacturing facilities are located at the Changwon complex in , which produces heavy machinery and , and the Dobříš site in the , focused on compact machinery assembly and R&D. In 2025, earned an excellent rating in the Korea Commercial Code Partnering (KCCP) Win-Win Growth Evaluation for the second consecutive year, recognizing its cooperative efforts with suppliers. As of mid-2025, 's reached $32.1 billion, reflecting strong investor confidence in its sector . Doosan Group holds a strategic position among the top 10 global manufacturers, as confirmed in 2018 rankings, with subsidiaries like Doosan Infracore maintaining a ninth-place standing in 2025 construction equipment sales. The company continues to emphasize , integrating eco-friendly practices such as reduced emissions in and innovations across its portfolio.

History

Origins and Early Development (1896–1960s)

The Doosan Group traces its origins to 1896, when Park Seung-jik established a small store in Seoul's , initially focusing on importing and selling Western goods such as textiles, , fabrics, and modern . This venture, known as the Park Seung-jik Store, marked one of Korea's earliest modern retail operations and quickly gained reputation for introducing innovative products like the cosmetic powder Bakgabun in 1915, which became a cultural staple in the . By the , the business had expanded significantly, incorporating as a in 1925 with increased capital and modernized operations, transitioning from a general to a more structured enterprise dealing in imported machinery and consumer items. During the Japanese colonial period from 1910 to 1945, the company operated amid political and economic constraints, adapting its trading activities to the prevailing conditions while maintaining family control under Park Seung-jik's leadership until his death in 1950. Following Korea's liberation in 1945, the business was restituted to the Park family and underwent a pivotal reorganization in 1946, renaming to Doosan Sanghoe and appointing Park Too-pyung, the founder's eldest son, as its first official chairman. The (1950–1953) severely disrupted operations, but post-war recovery efforts centered on rebuilding trading networks and diversifying into light manufacturing, including the establishment of in 1951 for international imports and the acquisition and revival of (OB Beer) in 1952, which resumed production by 1953 amid national reconstruction. In the 1950s, under Park Too-pyung's guidance, Doosan emphasized import-export activities and early industrial ventures, such as establishing Doosan Industries in 1953 to support foreign trade and economic stabilization. The 1960s marked a shift toward and , aligned with South Korea's First Five-Year Plan launched in 1962 under President Park Chung-hee, which provided governmental incentives for private sector growth in key sectors. Notable milestones included the founding of Dongsan Construction and in 1960 (later Doosan Engineering & Construction) to contribute to national projects, the acquisition of Hapdong in 1960 (now Yonhap News), and the establishment of the Doosan Machine Tools division in 1967, enabling entry into precision machinery assembly and supporting industrial expansion. Park Too-pyung's strategic navigation through these political and economic transitions solidified the group's foundation for heavier industrialization.

Industrial Expansion and Challenges (1970s–1990s)

During the and , Doosan Group pursued aggressive diversification into heavy industries, aligning with South Korea's national push for heavy-chemical industrialization. In 1970, the group established a steel casting shop in to support production of heavy equipment, marking an entry into machinery beyond its earlier trading and consumer goods roots. By 1976, groundbreaking occurred for the Plant, a massive facility designed to bolster capabilities in power generation equipment, including heat recovery steam generators under license from . This expansion extended to engines and power plants; in 1979, Doosan secured its first (EPC) contract for the Samcheonpo Thermal Power Plant Units 1 and 2 (560 MW each), Korea's largest coal-fired project at the time, while also entering nuclear equipment supply for Yonggwang Units 1 and 2 (1,000 MW each). The 1982 completion of the Plant, equipped with a 13,000-ton press, enabled integrated on a global scale, and in 1983, Doosan entered the marine market through a technology partnership with MAN B&W, leading to the 1985 launch of self-developed engines that advanced Korea's domestic engine industry. These moves transformed Doosan into a key player in equipment, engines, and power infrastructure, though the triggered financial strains, culminating in the of its heavy industries arm as Korea Heavy Industries & (Hanjung) in 1980 due to accumulated debts and management issues. Doosan's international expansion gained momentum in the 1980s, targeting high-demand markets in the and the through joint ventures and exports of excavators, generators, and systems. The group secured its first project as a for the Farasan plant in in 1978 (0.15 million imperial gallons per day), followed by the landmark 1985 turnkey contract for the Assir Phase 1 plant (21 million imperial gallons per day) in the same country, despite incurring a $100 million loss that nonetheless built critical via transfer from ESCO. Exports of boilers and generators extended to the UAE's Power Plant in 1986, though the project faced delays from the and resulted in a $120 million loss upon completion in 1991. In the US market, Doosan formed a with in 1981 to produce forklifts and materials handling equipment, facilitating entry into North American competition, while nuclear component exports began with pressurizers for the Honolulu project in 1986. By the late 1980s, contracts, including the 1983 Perak cement plant order in ($200 million), underscored Doosan's growing export profile, with equipment like excavators supporting regional booms. These ventures diversified revenue but exposed the group to geopolitical risks and currency fluctuations. The 1990s brought severe challenges for Doosan amid labor unrest and the , prompting early restructuring efforts. Annual labor strikes, starting in 1987 and intensifying through the decade, disrupted operations; a notable 48-day strike in 1999 at Hanjung alone caused KRW 198.9 billion in lost revenue. The crisis exacerbated debt accumulation, with Doosan's reaching 474% by 1997, leading to near-bankruptcy episodes across affiliates and government-mandated reforms. In response, the group consolidated nine affiliates under in 1998, streamlining operations and shedding non-core assets like through sales advised by foreign consultants. This pre-crisis restructuring, initiated in the mid-1990s, focused on core heavy industries, enabling survival while peers collapsed; Hanjung merged with elements of Hyundai and in 1999 before Doosan was selected as the preferred bidder for its privatization in 2000 for KRW 305.7 billion, with the acquisition completed in 2001. Despite these pressures, Doosan secured major orders, such as the $950 million Shuaibah Desalination Plant in (1993) and nuclear steam generators for China's Qinshan Phase 3 (1997), highlighting resilience in power and water sectors.

Restructuring and Modern Era (2000s–Present)

In the early 2000s, solidified its group identity through strategic acquisitions, notably purchasing Hanjung (later Doosan Heavy Industries & Construction) in 2001, which unified diverse operations under the Doosan brand and expanded its heavy industry portfolio. This move marked a pivotal following the Asian , enabling the conglomerate to refocus on core sectors like power generation and machinery. A landmark development occurred in 2007 when Doosan Infracore acquired the , along with Ingersoll Rand's utility equipment and attachments units, for $4.9 billion—the largest overseas acquisition by a Korean firm at the time—significantly enhancing its global construction equipment capabilities and market presence in and . The 2010s saw Doosan diversify into high-growth areas, founding Doosan Robotics in 2015 to capitalize on the rising demand for collaborative robots in manufacturing and automation. Concurrently, the group expanded in water treatment, securing major contracts for desalination plants, including the world's largest multi-stage flash (MSF) facility at the Ras Al-Khair plant in Saudi Arabia in 2010, which reinforced its leadership in global water infrastructure with a market share exceeding 40% in MSF technology. In 2009, Doosan Heavy Industries acquired Škoda Power, a Czech steam turbine manufacturer, for approximately $662 million, establishing a strong European foothold in power generation equipment and integrating advanced turbine technologies into its portfolio. The 2020s brought further transformation amid global challenges, including the , with Doosan emphasizing recovery through sustainable initiatives. Further restructurings included the separation of Doosan Bobcat as an independent entity in 2018 and the sale of Doosan Infracore to Hyundai Heavy Industries in 2021 for about $722 million, allowing the group to streamline operations toward energy and advanced technologies. In 2022, Doosan Heavy Industries & Construction rebranded as to reflect its pivot toward eco-friendly energy solutions, such as fuel cells and offshore wind turbines. This shift aligned with post-2020 efforts to transition to renewables, including contracts for liquefaction plants in 2020 and development of 8MW offshore wind turbines by 2022, supporting global decarbonization goals while aiding economic rebound from pandemic disruptions. However, the group faced significant hurdles, including a 2015 for Doosan Infracore amid high leverage and market downturns, which involved asset sales and capital infusions totaling around 900 billion won to improve financial stability. By 2025, Doosan Corporation's consolidated financial performance demonstrated robust growth, with third-quarter earnings showing an operating profit increase to 231.3 billion won (up 110% year-over-year) and of 111.5 billion won. reports for the year ending December 31, 2024, confirmed improved liquidity and reduced net debt, underscoring the success of ongoing restructuring and diversification strategies.

Business Operations

Heavy Industry and Energy Sector

, the core entity of Doosan Group's heavy industry and energy operations, designs and constructs thermal power plants, nuclear facilities, and gas turbine systems to deliver comprehensive power solutions. The company offers a diverse lineup of gas turbines, ranging from small-scale units to large H-class models exceeding 380 MW, optimized for combined cycle efficiency and increasingly adapted for co-firing to reduce emissions. In , Doosan Enerbility provides reactor vessels, steam generators, and other critical components, leveraging its expertise in high-pressure forgings and advanced manufacturing. A prominent example is its role in the UAE's , where it supplied key equipment for all four reactors, contributing to the 5.6 GWe facility's construction and subsequent maintenance agreements. The company's heavy equipment portfolio includes specialized castings and forgings, produced at its state-of-the-art facilities, which support power generation, , and marine applications with materials capable of withstanding extreme conditions. also leads in desalination plant (EPC), particularly in water-scarce regions. During the 2010s, it secured major contracts in , such as the 2010 $1.46 billion EPC deal for the Ras Al Khair Phase 1 plant, designed to produce 1.025 million cubic meters of potable per day using technology, marking one of the world's largest such facilities at the time. Additional projects, like the 2017 Shuaibah expansion for 400,000 cubic meters per day, underscored its capacity to deliver large-scale infrastructure. Since the 2010s, Doosan has invested heavily in clean energy innovations, with Doosan Fuel Cell pioneering (SOFC) systems that achieve over 60% efficiency in converting and into , as demonstrated in the 2018 Daesan Green Energy plant featuring 114 units for 50 MW output using byproduct . In 2024, advancements in small modular reactors (SMRs) progressed through a multi-billion-dollar agreement with to manufacture reactor vessels and steam generators for up to 24 SMR modules, targeting deployment in data centers and enhancing modular nuclear scalability. Doosan Enerbility maintains a strong global market position as a supplier of power and water solutions to more than 40 countries across , the , , and the , supported by an extensive network of subsidiaries and service centers. In 2025, the company is emphasizing carbon-neutral technologies, including development and integration with carbon capture systems, to align with international decarbonization goals and expand its portfolio in infrastructure. As of August 2025, entered a strategic partnership with , Amazon, and to deploy advanced nuclear energy for AI data centers. In October 2025, it achieved the first U.S. export of domestically developed gas turbines.

Construction and Machinery Sector

The Construction and Machinery Sector of Doosan Group, operated primarily through its subsidiary Doosan , focuses on manufacturing compact and heavy tailored for , , and applications. The product portfolio includes a wide array of excavators ranging from mini to large models, wheel loaders for , and compact such as skid-steer loaders and compact track loaders under the brand. Additionally, diesel engines power various machinery lines, while the offerings encompass internal combustion, LPG, and electric models with capacities from 3,000 to 36,000 pounds, supporting efficient in warehouses and industrial sites. In 2024, Doosan Bobcat achieved global sales of USD 6.269 billion, reflecting its strong market position in compact equipment despite a 16% year-over-year decline amid economic challenges. The company maintains a robust presence in , where Bobcat commands approximately 21% in compact track loaders, driven by demand in and sectors. This regional dominance is bolstered by the 2007 acquisition of , which expanded Doosan's footprint in utility equipment. Strategically, Doosan Bobcat is advancing electrification across its machinery lineup through its Product Innovation Strategy emphasizing autonomy, connectivity, and electrification (ACE), including the development of battery packs and electric drivetrains for excavators and loaders. In March 2025, the company partnered with to co-develop battery solutions for construction equipment, accelerating the transition to zero-emission models. Key production facilities in the United States, such as the plant—the largest manufacturing site in —support this growth, with ongoing expansions like the 2023 announcement of a new Mexico facility set to boost North American compact loader output by 20%.

Emerging Technologies and Diversification

In response to challenges in traditional heavy industries, Doosan Group has strategically pivoted since 2020 toward Industry 4.0 initiatives, emphasizing investments in AI, IoT, and to drive future growth in smart factories and digital ecosystems. This shift aligns with broader efforts to integrate advanced technologies across operations, enhancing efficiency and competitiveness amid global market transitions. A key pillar of this diversification is Doosan Robotics, established in 2015 as a subsidiary focused on collaborative robots (cobots) designed for safe human-robot interaction in manufacturing automation. The company initially developed lightweight, user-friendly models to address labor shortages and repetitive tasks, expanding its lineup with six new cobots in 2020 tailored for the fourth industrial revolution's demands in precision assembly and handling. By 2025, Doosan Robotics positioned the year as a turning point for AI integration, introducing advanced models with vision systems and AI algorithms for intelligent material handling and adaptive automation in smart factories. These innovations include AI-powered solutions for object recognition and manipulation, supporting humanoid R&D to evolve cobots into versatile industrial partners. Revenue for Doosan Robotics grew significantly in recent years, reaching 46.8 billion KRW (approximately $34 million) in 2024, with unit sales increasing 22% year-over-year driven by palletizer and service segments. Complementing robotics, Doosan Digital Innovation (DDI) spearheads the group's , offering comprehensive IT services such as AI solutions, cloud-native platforms, and MES for , and cybersecurity for IT/OT environments. Established to centralize group-wide IT capabilities, DDI leverages deep industry expertise to implement IoT-enabled systems for and process optimization in smart factories. In parallel, the water business under provides (EPC) for advanced treatment plants, utilizing (MBR) and (RO) technologies for industrial , management, and desalination projects worldwide. This segment supports sustainable diversification by addressing global through reliable, cost-effective solutions. Prior to the 2010s, Doosan explored non-core areas including and media as part of broader expansion, but divested these holdings during to refocus on industrial strengths, paving the way for technology-driven growth. Overall, these ventures underscore Doosan's commitment to AI and IoT investments, with ongoing R&D in physical AI applications like and to build resilient, future-oriented operations.

Corporate Structure

Holding Company Role

Doosan Corporation served as the central for the Doosan Group, a role it formally adopted in 2009 after restructuring its corporate structure to focus on oversight and investment activities. Incorporated on September 1, 1998, through the merger of OB Beer and other affiliates in the aftermath of the , the company transitioned into a business-running holding entity by satisfying the asset composition requirements under South Korea's Monopoly Regulation and Fair Trade Act, with subsidiary stocks comprising over 50% of its assets. In this capacity, oversaw the group's overall strategy, provided financing support, and directed to align with long-term growth objectives across its affiliates. Its core activities included managing equity investments in key subsidiaries, such as its 30.39% stake in , which enabled strategic control and value enhancement in sectors like power generation and . Additionally, the engaged in trade operations, services, and IT consulting, contributing to the group's diversified streams while prioritizing mutual growth with innovative ventures. Governance at emphasized compliance with regulations from South Korea's Commission (KFTC), which monitors structures to prevent unfair trade practices; the company was excluded from certain Act definitions in 2015 but maintained its holding status until September 2025, when the KFTC removed its official designation as a following a review of its asset and ownership structure. This update, reflected in its 2025 , allows greater flexibility in operations while upholding standards. Although no longer officially a , continues to oversee the group's affiliates in a capacity. Financially, managed the group's debt restructuring, dividend policies, and capital allocation to ensure stability and shareholder returns. As of December 31, 2024, its consolidated total assets stood at approximately 30.14 trillion KRW (about $22 billion USD), underscoring its scale in coordinating resources across the conglomerate.

Key Subsidiaries and Affiliates

Doosan Corporation, formerly designated as the of the Doosan Group, manages a global network comprising 166 subsidiaries and affiliates across 31 countries as of 2025. These entities span , construction equipment, , and , contributing to the group's diversified operations while some historical units have been divested to streamline focus. A primary affiliate is Doosan Enerbility Co., Ltd., in which Doosan Corporation holds a 30.39% stake; the company specializes in integrated solutions for power generation, including nuclear and gas turbines, heavy forgings, and plants. As of November 2025, Doosan Enerbility's reaches approximately 49.89 trillion KRW (about $35.6 billion USD). Doosan Inc., with a 48.24% by , serves as a global leader in compact equipment such as skid-steer loaders, mini excavators, and utility vehicles; headquartered in , , it drives international sales exceeding $6 billion annually. Doosan Inc., 68% owned by , advances industrial automation through collaborative robots and intelligent manufacturing systems, supporting the group's push into AI-driven technologies. Additional key affiliates encompass Doosan Mottrol Co., Ltd., focused on hydraulic and components for machinery, and Doosan Fuel Cell Co., Ltd., which develops systems for applications. The group has divested non-core units in recent years, including Doosan Engineering & Co., Ltd. (sold to a in 2021) and Doosan Infracore Co., Ltd. (acquired by Hyundai Heavy Industries with a 30% controlling stake in 2021, now operating as Hyundai Doosan Infracore).

Leadership and Governance

Executive Leadership

Park Jeong-won has served as Chairman and Co-CEO of Doosan Group since March 2016, succeeding his uncle Park Yong-maan and marking the group's transition to fourth-generation family leadership. As the great-grandson of founder Park Seung-jik, Park Jeong-won, born in 1962, holds a bachelor's degree in business administration from and an MBA from the . Under his tenure, the group has emphasized through eco-friendly initiatives and to enhance operational efficiency amid the . Key executives include Co-CEO Seung-Woo Yoo, appointed in March 2025 to focus on global expansion and business diversification, bringing experience from prior roles in and operations at Doosan subsidiaries. President and Min Chul Kim oversees financial and , having joined the executive team in 2018 as , and becoming President and in 2019 after serving in various positions within the group. These appointments reflect a co-leadership model combining oversight with professional expertise. The of , the group's , comprises six members as of 2025, including internal directors such as Chairman Park Jeong-won, Co-CEO Yoo, Kim, and Sun-Hyun Park, alongside independent directors like Kyung-Wook Heo and Ung-Geol Yoon to ensure balanced governance and compliance with reform standards. Independent members contribute to and committees, promoting transparency in decision-making. Doosan Group's succession history has maintained Park family control since the post-1990s recovery from the , when third-generation leader Park Yong-oh, who faced family disputes in 2005, with Park Yong-maan (his brother) assuming the chairmanship in 2012 before passing it to his nephew Park Jeong-won in 2016. The 2020s have seen a push toward professional management, exemplified by the 2025 co-CEO appointment amid South Korea's ongoing governance reforms aimed at reducing family dominance and enhancing corporate accountability. In 2024-2025, the group pursued further , including plans to spin off Doosan Bobcat and delist Doosan Robotics, amid shareholder opposition and reform pressures. Notable leadership initiatives under Chairman include spearheading the 2020-2021 , which involved asset sales like Doosan Tower in 2020 and non-core businesses to reduce debt and refocus on core industries, yielding improved by early 2022. The group has maintained a dedicated ESG Committee since 2022 to integrate environmental, social, and governance priorities across operations, aligning with global sustainability goals and chaired by top executives, with continued activities in 2025.

Ownership and Financial Performance

Doosan Group's ownership is dominated by the Park family, who maintain through affiliates and direct holdings, collectively accounting for approximately 36% of shares in the Doosan Corporation as of 2025. itself holds a 30.39% stake in key subsidiary , reinforcing family influence across the group. Institutional investors, including the with a 7.86% stake in Doosan Enerbility, represent about 15% of overall ownership, while the trades on the , with foreign investors comprising around 23% in major entities. In 2024, the group achieved consolidated revenue of $13.3 billion, though it recorded a net loss of $165.9 million amid restructuring efforts and market challenges. The for improved to 67.94% by year-end, reflecting post-2020-2021 financial stabilization measures that reduced leverage from prior highs. For , the stood at 125.66%, indicating ongoing efforts to manage subsidiary-level liabilities. As of November 2025, Doosan Enerbility's stock price was approximately ₩75,400 per share (around $55 USD). Consolidated statements for the first three quarters of 2025 showed year-over-year sales growth in the segment, driven by increases in Enerbility and operations, with overall group sales up amid diversification. However, the group faces risks from volatility in global prices, particularly affecting its and exposures, as well as heightened compliance demands under South Korea's 2025 governance reforms aimed at enhancing shareholder protections.

References

  1. https://www.doosan.com/en/intro/doosan-story/
  2. https://www.doosan.com/en/intro/business-highlights
  3. https://finance.yahoo.com/quote/000150.KS/profile/
  4. https://aggregates.focusongroup.com/2024/01/19/doosan-more-than-just-excavators-and-skidsteers/
  5. https://companydata.com/company-profile/doosan/
  6. https://finance.yahoo.com/quote/000150.KS/key-statistics/
  7. https://roboticsandautomationnews.com/2025/05/22/doosan-robotics-intensifies-humanoid-development-in-ai-driven-strategic-shift/91089/
  8. https://fuelcellsworks.com/2025/07/28/energy-innovation/doosan-fuel-cell-begins-mass-production-of-fuel-cell-power-systems-using-ceres-technology
  9. https://www.hydrogeninsight.com/power/doosan-cancels-three-hydrogen-fuel-cell-supply-contracts-worth-a-combined-560m-in-three-days-reports/2-1-1801511
  10. https://www.koreaherald.com/article/5812
  11. https://koreajoongangdaily.joins.com/2015/05/05/etc/Dynasty-Koreas-corporate-roots-Doosan-Group-rose-from-humblest-of-beginnings/3003836.html
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  51. https://www.doosanbobcat.com/en/products/compact/list
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  53. https://hoards.com/article-36425-bobcat-company-expands-lineup-with-heavy-construction-equipment.html
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