Daewoo High Capacity Forklift San Jose

In the early part of the 1960s, South Korea was going through a serious trade deficit. The nation's domestic market was not strong enough to support domestic businesses. 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. During the year 1953, the country was finally at peace, and South Korea started an intensive drive towards economic growth, transforming rapidly from an agrarian economy to a centrally planned, industrial economy. Determined to never again go through hostile invasions and lack of vital resources, South Korea became an economic miracle. Daewoo Group was established by Kim Woo Choong in 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 and his partners believed that the company will become a great success. This proved true, because Daewoo became amongst the biggest chaebols, or conglomerates of the country. The business had operations within a wide array of businesses, like motor vehicles, shipbuilding, aerospace, heavy industry, consumer electronics, telecommunications, trading and financial services. Exports were promoted a lot and a network of offices was established abroad. Ultimately, there were more than 100 branches throughout the world. The corporation at its peak sold thousands of different items in more than 130 countries. By the late 1990s the business had become considerably overextended. Daewoo was really in debt, and Kim faced charges of corporate wrong doing. The government of South Korea ordered the corporation dismantled in the year 1999 and other businesses purchased most of Daewoo's holdings.

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