South Korea’s Doosan takes over Škoda Power

In business, South Korea’s Doosan Heavy Industries and Construction said on Monday that it had signed a deal to acquire Czech turbine company Škoda Power for 655 million USD. Doosan Heavy, a key subsidiary of the Doosan group, said it had agreed to purchase all shares of Škoda Power in a deal signed in Prague. Doosan Heavy is South Korea’s largest power equipment maker, and also produces industrial facilities, machine tools and construction equipment. The firm’s President Park Gee-Won said the acquisition of Škoda Power would help his company make an aggressive advance into the European market.