Daewoo is a South Korean industrial group founded by Kim Woo-Choong, present in many areas, including shipbuilding, construction, weapons, household appliances, electronics and even automobiles.
Dissolved by the South Korean government in 1999, there are still some old divisions as independent entities.
The conglomerate Daewoo was founded in 1967 by Kim Woo-Choong. Its founder called it Daewoo which means “Immense Universe” in Korean. Taking advantage of the economic policies required by President Park Chung-hee, he expanded and diversified rapidly.
Despite excessive debt, the group continues through political support in several countries and the position of its leader at the head of the Federation of Korean Industries. However, its position becomes increasingly fragile. President Kim Young-sam imposes new directions and his successor Kim Dae-jung wants to restructure the country’s economy.
Daewoo was finally dismantled in 1999 by the South Korean government as a result of a fraudulent bankruptcy. The branch building trade and Daewoo Corporation was divided into three separate companies: Daewoo International Corporation, Daewoo Engineering & Construction Company Limited and Daewoo Corporation.