Daewoo High Capacity Forklift Sacramento

In the early 1960s, South Korea was experiencing a serious trade deficit. 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. With its stronger military, North Korea, wasted little time before invading the South after the US military withdrawal. In the year 1953, the country was finally at peace, and South Korea started 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, that means "Great Universe," was established during 1967.



Even if the company's initial share capital was just $18,000, Kim as well as his partners believed that the business will be successful. This proved true, because Daewoo became amongst the largest chaebols, or companies of the nation. The business had operations within a huge array of businesses, like shipbuilding, motor vehicles, aerospace, heavy industry, consumer electronics, telecommunications, financial services and trading. Exports were promoted a lot and a network of offices was established abroad. Eventually, there were over 100 branches all over the world. The company at its peak sold thousands of various products in more than 130 countries. By the latter part of the 1990s the corporation had become considerably overextended. Daewoo was seriously in debt, and Kim was accused of corporate wrong doing. The government of South Korea ordered the company dismantled during the year 1999 and other businesses purchased most of the company's holdings.

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