Daewoo High Capacity Forklift San Antonio

During the early 1960s, South Korea was dealing with a serious trade deficit. The domestic market of the nation was not really that strong to support domestic industries. After World War II, 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 US military withdrawal. In the year 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 vital resources, South Korea became an economic miracle. Daewoo Group was founded by Kim Woo Choong during this period of economic emergence. Daewoo, which translates as "Great Universe," was founded in the year 1967.



The initial share capital of the corporation was just $18,000, but Kim along with his partners believed that the company would become a great success. This proved true, and Daewoo went on to become one of the country's largest chaebols, or corporations. The corporation had operations in a wide range of businesses, 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 more than 100 branches throughout the globe. The company at its peak sold thousands of different items in more than 130 nations. By the late 1990s the company had become significantly overextended. The corporation was really in debt, and Kim was accused of corporate wrong doing. The government of South Korea ordered the conglomerate dismantled during the year 1999 and other corporations purchased most of the company's holdings.

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