Mitsui Babcock parent company Mitsui Engineering & Shipbuilding announced today that it has sold its UK energy business to Doosan Heavy Industries (UK) Limited, for JPY 20 billion (£89M).
Doosan Heavy Industries (UK) Limited is a subsidiary of Doosan Heavy Industries & Construction, the South Korea-based engineering and construction company. Upon completion of the deal in January 2007, Mitsui Babcock will be known as Doosan Babcock. Doosan Babcock will remain an independent, UK based company, with offices and employees throughout the UK and across mainland Europe, Asia and the USA. The new company will focus on global opportunities in major power plant engineering, procurement and construction projects and aftermarket services to the energy industry.Yasu Katoh, Chief Executive of Mitsui Babcock says, 'By uniting with an organisation solely dedicated to the energy sector we are confident the company will achieve its full potential in a global power market offering significant growth opportunities.'Nam-doo Lee, President and CEO of Doosan Heavy Industries & Construction says, 'We are delighted to be joining forces with Mitsui Babcock. Their unparalleled expertise in utility boilers and aftermarket services perfectly complements our portfolio of products and services and will help us realise our goal of becoming the global number one company in the power industry.'