Doosan Corp. shareholders approved a plan to spin off the forklift business division and set up a wholly-owned subsidiary on July 1 to be named Doosan Industrial Vehicle Co.
Under the 750 billion-won deal signed in March, the whole stake in Doosan Industrial Vehicle will be transferred to Doosan Bobcat, an equipment affiliate of the country's top power equipment maker, Doosan Heavy Industries & Construction Co.
The spinoff was among the measures to improve cash-strapped Doosan Heavy Industries & Construction Co.'s financial health
Doosan holds a 54 percent stake in the country's s forklift market.
Morgan Stanley is handling the sale.
