Daewoo High Capacity Forklift San Francisco

South Korea was going through a serious trade deficit during the early 1960s. The nation's domestic market was not strong enough to support domestic businesses. After 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 withdrawal of the U.S. military. In the year 1953, the country was finally at peace, 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 experience hostile invasions and lack of vital resources, South Korea became an economic miracle. Daewoo Group was founded by Kim Woo Choong during this period of economic emergence. Daewoo, that translates as "Great Universe," was established in 1967.



Even though the corporation's initial share capital was only $18,000, Kim as well as his partners believed that the company will be successful. This proved true, and Daewoo went on to become amongst the country's biggest chaebols, or corporations. The business had operations in a huge array of industries, like motor vehicles, shipbuilding, aerospace, heavy industry, telecommunications, consumer electronics, trading and financial services. Exports were greatly promoted and a network of offices was established in different nations. Ultimately, there were more than 100 branches throughout the globe. The corporation at its peak sold thousands of different items in over 130 countries. By the late 1990s the company had become significantly overextended. Daewoo was seriously in debt, and Kim faced charges of corporate wrong doing. The government of South Korea ordered the conglomerate dismantled during 1999 and other corporations purchased most of the company's holdings.

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