Daewoo High Capacity Forklift Long Beach

In the early 1960s, South Korea was dealing with a serious trade deficit. The country's domestic market was not strong enough to support domestic industries. 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 following the US military withdrawal. In the year 1953, the nation was finally at peace, and South Korea began an intensive drive towards economic development, rapidly 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 in this period of economic emergence. Daewoo, which translates as "Great Universe," was founded in 1967.



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

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