Doosan To Buy Czech Turbine Firm For $633 Million

Doosan Group of South Korea, is planning to buy a Czech turbine maker, Skoda Power, in a deal that is expected to be worth about $633 million, a spokesman at Doosan Corp said. The acquisition, if successful, would complement Doosan’s power equipment business, the company said.

Doosan Group said it would raise the funds through the sale of stakes in affiliates, adding that the actions will resolve the financial burden issues from its previous major acquisition in 2007. (The group’s flagship unit, Doosan Infracore Co, bought Bobcat, and two other units from U.S. conglomerate Ingersoll-Rand for $4.9 billion in cash in 2007.