South Korea's Doosan buys U.S. fuel cell maker ClearEdge for $32.4 million

SEOUL Sun Jul 20, 2014 10:26pm EDT

Related Topics

SEOUL (Reuters) - Doosan Co Ltd said on Monday it will acquire the assets and operating debt of U.S.-based ClearEdge Power, a fuel cell manufacturer for buildings, for $32.4 million.

The holding company of Doosan Group said in a statement the decision for its U.S. unit to acquire ClearEdge follows a decision to merge with South Korea-based fuel cell maker for homes FuelCellPower Co Ltd on July 10 for an unnamed price.

Doosan Co said the moves will allow it to acquire the full line of original technology in fuel cells for the group to make the sector its growth field.

ClearEdge reported a revenue of around $68 million in 2013, Doosan said.

(Reporting by Joyce Lee; Editing by Michael Perry)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.