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Doosan Infracore s excavators (Courtesy of Doosan Infracore)
South Korea’s heavy machinery manufacturers are making a strong start this year, reporting the highest first quarter revenue figures since 2018.
According to the financial research firm FnGuide Inc., the country’s two leading heavy machinery and construction equipment makers Doosan Infracore and Hyundai Construction Equipment Co. (Hyundai CE) posted sharp growth in Q1 earnings.
Doosan Infracore’s operating profit in the first quarter was estimated at 231.7 billion won ($206 million), up 28% from the same period last year.
The company’s Yantai plant in China has been operating at 200% of its normal capacity since February, with overtime and weekend operations, as new orders for its excavators have been piling up recently.
Byung-Keun Kim 2 HOURS AGO
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Seoul Semiconductor Co. has moved up one notch to third place in the world s light-emitting diode display market, becoming the only LED maker among the top three to post sales growth in the market that shrank slightly last year.
The South Korean display maker racked up $898 million in 2020 sales, or $7 million more than Lumileds Holdings which took the third spot between 2018 and 2019, according to market research firm Omdia on Apr. 13.
Japan s Nichia and Germany s Osram held onto first and second place, respectively. But each of them suffered a year-on-year drop of 7% and 8% in 2020 sales in the market that contracted by 8.6% to $11.1 billion from a year earlier.
Copper-clad laminates (Courtesy of Doosan Co.)
Doosan Co., the holding company of South Korea s Doosan Group, is in contact with several private equity firms to sell its in-house electronic materials division that produces copper-clad laminates (CCLs), a core material for OLED displays.
The company of the heavy machinery and power equipment-focused group is in the early stages of talks with both domestic and overseas PEFs, asking for over 1 trillion won ($888 million) for the profit-making division, according to investment banking sources on Apr. 13.
Doosan, 44% owned by its founding members, plans to use the proceeds from the planned carve-out to take over Doosan Bobcat Co., one of the group s core units, from Doosan Heavy Industries & Construction Co. which owns 51% of Bobcat. Based on the market capitalization of 4 trillion won, the 51% stake is worth around 2 trillion won.