Daewoo High Capacity Forklift Mesa

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. Following 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. During the year 1953, the country was finally at peace, and South Korea began an intensive drive towards economic development, transforming quickly 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, that translates as "Great Universe," was founded during 1967.



Even though the company's initial share capital was only $18,000, Kim as well as his partners believed that the business would be successful. This proved true, and Daewoo went on to become among the country's biggest chaebols, or conglomerates. The corporation had operations within a huge array of businesses, like building ships, motor vehicles, aerospace, heavy industry, telecommunications, consumer electronics, trading and financial services. Exports were greatly promoted and a network of offices was established in different countries. Ultimately, there were more than 100 branches throughout the world. The corporation at its peak sold thousands of various items in over 130 countries. By the latter part of the 1990s the company had become considerably overextended. Daewoo 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 purchased most of Daewoo's holdings.

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