Daewoo High Capacity Forklift Fresno

During the early part of the 1960s, South Korea was experiencing a serious trade deficit. The country'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. With its stronger military, North Korea, wasted little time before invading the South following the withdrawal of the U.S. military. In 1953, the country was finally at peace, and South Korea started an intensive drive towards economic growth, transforming rapidly 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 in this period of economic emergence. Daewoo, which translates as "Great Universe," was established in 1967.



The initial share capital of the corporation was only $18,000, but Kim together with his partners believed that the business would become a great success. This proved true, and Daewoo went on to become amongst the nation's largest chaebols, or companies. The business had operations in a huge array of industries, like building ships, motor vehicles, heavy industry, aerospace, telecommunications, consumer electronics, financial services and trading. Exports were greatly promoted and a network of offices was established in various countries. Eventually, there were over 100 branches all around the world. The company at its peak sold thousands of different products in over 130 countries. By the latter part of the 1990s the business had become considerably overextended. The company was really 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 bought most of the company's holdings.

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