Daewoo High Capacity Forklift Eugene

South Korea was dealing with a serious trade deficit in the early 1960s. The country's domestic market was not strong enough to support domestic businesses. Following WWII, when Korea was divided by the Allies, all the natural resources were in the territory north of the 38th parallel. North Korea, with its stronger military, wasted little time before invading the South after the US military withdrawal. In 1953, the nation was at peace finally, and South Korea started an intensive drive towards economic growth, transforming rapidly from an agrarian economy to an industrial, centrally planned economy. Determined to never again go through hostile invasions and lack of vital resources, South Korea became an economic miracle. Daewoo Group was founded by Kim Woo Choong in this period of economic emergence. Daewoo, that means "Great Universe," was founded in 1967.



Even if the corporation's initial share capital was just $18,000, Kim as well as his partners believed that the business will be successful. This proved true, and Daewoo went on to become amongst the nation's largest chaebols, or businesses. The company had operations in a wide array of businesses, including motor vehicles, shipbuilding, heavy industry, aerospace, consumer electronics, telecommunications, financial services and trading. Exports were heavily promoted and a network of offices was established in various nations. Eventually, there were over 100 branches throughout the globe. The business at its peak sold thousands of various items in over 130 nations. By the late 1990s the corporation had become significantly overextended. Daewoo was seriously in debt, and Kim faced charges of corporate wrong doing. The South Korean government ordered the conglomerate dismantled during 1999 and other businesses purchased most of Daewoo's holdings.

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