Doosan Bobcat to Liquidate German Forklift Manufacturing Subsidiary as Part of Governance Restructuring

[Korea Financial Times, Shin Haeju] Doosan Bobcat (Scott Park, Chief Executive Officer) has decided to liquidate its German forklift manufacturing and sales subsidiary, Doosan Bobcat Germany GmbH (hereafter DBGE).

According to the Financial Supervisory Service’s electronic disclosure system on the 19th, DBGE held a board meeting the previous day and resolved to dissolve the company.

Doosan Bobcat stated, “This is part of an overseas governance restructuring initiative to enhance management efficiency.”

The company clarified that this does not mean a halt in forklift production and sales in Germany, as DBGE had been manufacturing and selling small logistics equipment. Currently, forklifts are produced at Doosan Bobcat’s Incheon and China plants.

DBGE is a wholly owned subsidiary of Doosan Bobcat. As of the end of last year, DBGE’s assets stood at KRW 6.7 billion, accounting for 0.056% of Doosan Bobcat’s total assets.

Doosan Bobcat stated, “The dissolution of DBGE will have no impact on Doosan Bobcat’s consolidated financial statements.”

Shin Haeju (hjs0509@fntimes.com)