PRAGUE (AP) -- South Korea's power plants provider Doosan Heavy Industries & Construction will buy Czech turbines maker Skoda Power AS, a move to gain a foothold in Europe's more developed markets, the companies said Monday.
The euro450 million ($657 million) deal is expected to be completed by the end of the year, they said in a statement.
"In the coming years, Skoda Power and Doosan Babcock will spearhead our progressive expansion in Europe, the U.S. and other developed markets," Doosan president and chief executive Geewon Park said.
"Working in partnership with Skoda Power, Doosan aims to grow turbine generator set revenues as it set its sights on becoming a top-tier supplier in the global turbine market," the statement said. "This will enable Skoda Power and Doosan to significantly expand business opportunities in new markets," it said.