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Doosan Babcock acquires Skoda Power
Doosan Babcock has announced its intention to become a major player in the global turbine market and enter the retrofit market, with the acquisition of Czech power plant maker Skoda Power.
Doosan said it would now be a complete plant supplier with capability to provide single-source engineering, procurement and construction services. It said "This will enable the group to dramatically improve its competitiveness in the power plant equipment business as well as significantly expand business opportunities in new markets."
Commenting on the deal, Doosan president and chief executive Geewon Park said, "We expect the synergies of the Škoda Power acquisition to generate an additional £2.6 billion in annual revenue in 2020. In the coming years, Škoda Power and Doosan Babcock will spearhead our progressive expansion in Europe, the US, and other developed markets."
The deal is expected to be complete by the end of 2009. Doosan said it would create a new sibsidiary, Doosan Power Systems, to oversee Škoda Power and Doosan Babcock as its power solutions business in Europe and the Americas.
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