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Doosan Solus to Expand Copper Foil Business in Hungary
South Korean copper foil maker will utilize the 34 billion won incentives it got from the Hungarian government in expanding its annual production of copper foil at its Hungarian unit.
The South Korean copper foil maker's wholly-owned Hungarian plant has an annual production of 10,000 tons, which the company seeks to increase to 25,000 tons by 2022 and 75,000 tons by 2025.
Among the investment incentives Dolus Solus received were cash and corporate tax exemption.
South Korean copper foil maker has been building a plant in Hungary with a capacity of 10,000 tons, set to be completed in August.
There is a rising demand for copper foil, a key material for electric vehicle batteries, as global carmakers race to roll out electric vehicles.
After receiving investment incentives from the Hungarian government, Doosan Solus shares jumped 3.86 percent to 37,650 won as of 11:28 a.m.
Meanwhile, Doosan Group may sell its 61 percent stake in Doosan Solus to ease liquidity woes at its flagship Doosan Heavy Industries & Construction Co.