AGREEMENT BETWEEN NICOLÁS CORREA AND DOOSAN

An agreement was signed last 8th June by the Korean Company, Doosan and the Spanish one, Nicolás Correa to start a joint project in order to develop a new range of milling machines.

Moreover, Doosan sales network will take care of the promotion and sale of machines currently produced by Nicolás Correa, in some specific markets where they have a stronger position.

These agreements have been reinforced by the acquisition of a relevant equity stake of Nicolas Correa, representing a 10% of its Equity. As a consequence, the Board of Directors of the Spanish company has appointed a Doosan representative as a new member. The Management and The Board of Directors of Nicolás Correa are very satisfied with this agreement with one of the most important manufacturers of machine tools in the world and is persuaded that this step opens up a new ambitious and exciting era for the Company.