Daewoo High Capacity Forklift Los Angeles

South Korea was going through a serious trade deficit during the early part of the 1960s. The country's domestic market was not strong enough to support domestic businesses. After World War II, when Korea was divided by the Allies, 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 after the withdrawal of the U.S. military. In the year 1953, the nation was at peace finally, and South Korea began an intensive drive towards economic development, transforming rapidly 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 founded by Kim Woo Choong during this period of economic emergence. Daewoo, which means "Great Universe," was established in the year 1967.



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

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