Daewoo High Capacity Forklift Houston

South Korea was going through a serious trade deficit during the early part of the 1960s. The domestic market of the country was not truly that strong 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 following the withdrawal of the U.S. military. In 1953, the country was finally at peace, and South Korea began an intensive drive towards economic development, transforming rapidly from an agrarian economy to an industrial, centrally planned economy. Determined to never again go through hostile invasions and lack of essential resources, South Korea became an economic miracle. Daewoo Group was founded by Kim Woo Choong in this period of economic emergence. Daewoo, which means "Great Universe," was established in the year 1967.



The initial share capital of the company was only $18,000, but Kim together with his partners believed that the company will become a great success. This proved true, because Daewoo became among the biggest chaebols, or corporations of the nation. The business had operations in a huge range of industries, like building ships, motor vehicles, aerospace, heavy industry, consumer electronics, telecommunications, trading and financial services. Exports were greatly promoted and a network of offices was established abroad. Eventually, there were more than 100 branches all over the world. The company at its peak sold thousands of different items in more than 130 countries. By the latter part of the 1990s the business had become significantly overextended. The business was seriously in debt, and Kim was accused of corporate wrong doing. The South Korean government ordered the company dismantled in the year 1999 and other businesses bought most of Daewoo's holdings.

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