Daewoo High Capacity Forklift Houston

In the early 1960s, South Korea was dealing with a serious trade deficit. The nation's domestic market was not strong enough to support domestic businesses. After World War II, 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. During the year 1953, the nation was at peace finally, and South Korea started an intensive drive towards economic growth, transforming quickly 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 during this period of economic emergence. Daewoo, that means "Great Universe," was founded during the year 1967.



Even if the corporation's initial share capital was just $18,000, Kim as well as his partners believed that the business would be successful. This proved true, and Daewoo went on to become amongst the country's biggest chaebols, or corporations. The company had operations in a huge array of industries, including motor vehicles, building ships, heavy industry, aerospace, telecommunications, consumer electronics, trading and financial services. Exports were greatly promoted and a network of offices was established abroad. Eventually, there were over 100 branches all over the world. The business at its peak sold thousands of various items in more than 130 countries. By the late 1990s the corporation had become considerably overextended. Daewoo was seriously in debt, and Kim faced charges of corporate wrong doing. The government of South Korea ordered the company dismantled in the year 1999 and other businesses purchased most of the company's holdings.

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