Daewoo High Capacity Forklift El Paso

South Korea was dealing with a serious trade deficit during the early 1960s. The domestic market of the nation was not really that strong to support domestic industries. After WWII, when the Allies divided Korea, 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 nation was at peace finally, and South Korea began an intensive drive towards economic development, quickly transforming 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 established by Kim Woo Choong during this period of economic emergence. Daewoo, which translates as "Great Universe," was founded in 1967.



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

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