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Doosan Heavy Industries & Construction (President & CEO Geewon Park) has announced that the company is ranked fourth on the “World’s Best 40 Companies 2009” list, released in the latest issue of BusinessWeek, the U.S. economics magazine.
The “World’s Best Companies 2009” is a ranking of companies based on a survey compiled by the management consulting firm A.T. Kearney. A.T. Kearney evaluated the 2,500 largest publicly listed companies with a minimum of $10 billion in sales during 2008, at least 25% of which came from outside the company's home region, and ranked them based on their sales growth and compound annual growth rate (CAGR), or value creation °™ the rise of market capitalization after subtracting any increase in capital °™ over the past five years.
BusinessWeek singled out as some of the common traits of the World’s Best Companies a commitment to innovation, diversified portfolios, aggressive expansion, strong leadership by the CEO, and a clear vision for the future.
In the survey, Japanese electronics manufacturer Nintendo, Google and Apple ranked first to third, respectively, while Doosan Heavy Industries & Construction and Hyundai Heavy Industries ranked fourth and fifth on the list, among major Korean players. Due to the characteristics of the list, the highest ranking enterprises have large global operations, and have sustained a consistently high growth rate over the past five years.
Doosan posted US$15.269 billion in sales in 2008, with foreign sales accounting for 70 percent of its operations. The company recorded annual average growth in sales of 34 percent during the 2004-2008 period, and saw its CAGR expand by 26 percent per year on average. It ranked third in the expansion of value creation, and ranked sixth in terms of sales growth among the 40 companies, apparently enjoying both quantitative and qualitative growth.
BusinessWeek cited Doosan as an exemplary company that has wisely overcome the economic crisis, attributing this success to the firm’s ability to predict the future and its agility. The magazine also singled out as factors behind Doosan’ s growth, its successful mergers and acquisition of technology and companies, its performance-focused corporate culture and its diversification of businesses to include nuclear energy and water desalination, both of which are areas with high growth potential.
Myounghoon Jang from A.T. Kearney Korea said, “Doosan received high marks not only for its financial achievements but also for the CEO Geewon Park’s strong leadership, its global management system, and the settlement of a successful corporate culture, and hence will have huge growth potential in the future.
Nintendo, which ranked No. 1, made the list for the first time this year. BusinessWeek attributed Nintendo’s brisk growth - amounting to annual average sales growth of 35.7 percent - to the firm’s competent management, technological development and marketing capability, which allowed it to develop the innovative Wii game console by overcoming certain prejudices. American technology giant Google., No. 2, made the list for the first time, while Apple, No. 3, saw its ranking jump nine places from 12th last year.
Please feel free to visit Doosan Heavy Industry & Construction's website to learn more about our corporation.
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