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Doosan Solus for Sale at a High Price
May 31, 2020

Doosan Corp spun-off its OLED materials unit, which is now called Doosan Solus (and is listed on the Korean stock market). Last month it was reported that Doosan Corp aims to sell its 51% stake as it needs to raise funds to bail out its troubled Doosan Heavy I&C company. According to a new report from Korea, Doosan Corp is asking 1 trillion Won for its Doosan Solus stake (around $810 million USD), but has not found any buyers. The company’s copper foil expansion will be completed in 2021 and a competitor in the copper foil business, with 65% of Solus’ foil capacity (when expansion completed) sold earlier this year for 1.2t won ($972m US), so the company has reason to expect more than the low bids, especially as Solus assets include its OLED material business, which in 1Q represented ~39% of sales. Solus’ OLED material business and the copper foil business (used in semis and 5G products) are growing at over 10% Y/Y, so it might be some time before the company is willing to lower its price. Doosan Solus produces host materials for OLED displays, in addition to battery foil materials and bio components used in cosmetics and pharmaceuticals. From: OLED Info, SCMR, LLC