The Doosan Group was founded in 1896. The company began as the Park Seung Jik Store in 1896 in Baeogai (now Jongno 4-ga, Seoul). Since then, Doosan has developed into a multinational conglomerate, with particular emphasis on consumer goods, manufacturing and the trading and construction sectors.The company's acquisitions include Doosan Heavy Industries & Construction (formerly Korea Heavy Industries and Construction, a heavy industry company specializing in power and desalination plants) in 2001, Koryeo Industrial Development in 2004 and Doosan Infracore (formerly Daewoo Heavy Industries & Machinery, a company specializing in construction machinery) in 2005.In 2006, Doosan acquired the boiler engineering company Mitsui Babcock UK (renamed Doosan Babcock) and Kvaerner IMGB, the largest casting and forging company in Romania. In 2007, Doosan acquired the construction machinery company Bobcat USA, the world's largest supplier of small construction equipment. Post acquisition of Bobcat USA into Doosan Infracore, one of the Doosan Group's subsidiary companies specializing in medium and large construction machinery, the Doosan Group became the world's seventh largest supplier of construction machinery. Doosan currently has 41,400 employees in 38 countries.