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[Korea Encounters] Korea enters highway age 50 years ago
Posted : 2021-02-23 17:19
Updated : 2021-02-23 19:31 Cars drive on the Gyeongin Expressway connecting Seoul and Incheon, published in The Korea Times April 9, 1970. / Korea Times Archive
By Matt VanVolkenburg
In 1968, Korea entered a new era by building something that both reflected and would contribute to its growing economy: expressways.
Construction on a freeway connecting Incheon to Seoul began in March 1967, but the great goal of President Park Chung-hee was to build an expressway connecting Seoul and Busan. Once completed, it would shorten what was then a 12-hour drive to a mere four and a half hours.
Deal faces potential challenges from Korea’s monopoly regulations, and the fate of Doosan Bobcat is uncertain
December 11, 2020
Doosan Group selected Hyundai Heavy Industries Holdings as the preferred bidder for a 36.07% controlling stake in Doosan Infracore Co. The Korea Economic Daily’s sources say the deal would combine Hyundai Construction Equipment Co. and Doosan Infracore to make the seventh-largest global market share, a size similar to Volvo, Hitachi and Liebherr, among the world’s construction equipment manufacturers.
Pulsenews.co.kr reports Hyundai’s bid was nearly 900 billion won ($827.8 million).
The sale of Doosan Infracore is part of the restructuring process for Doosan Heavy Industries & Construction, which was facing a 4.2 trillion won debt load scheduled to come due before the end of the year. The power plant builder took a major hit when the South Korean government chose to depart from nuclear and coal power.