Daewoo - Corporations

Corporations

There were about 20 divisions in the Daewoo Group, which, before the crisis, was the second largest conglomerate in Korea after Hyundai Group, followed by LG Group and Samsung Group.

Daewoo Group had under its umbrella several major corporations:

• Daewoo Bus Corporation, is a manufacturer of buses. headquartered in Busan, South Korea, established in 2002. These buses are primarily used for public transportation
• Daewoo Motor, the motor vehicles division (sub-branch Daewoo Automotive Components Co. Ltd., Daewoo Bus Co., Ltd., Daewoo Commercial Vehicle Co. Ltd.)
• Daewoo Motor Sales, an auto sales company sold Daewoo but also GM cars and others in Korea (Sub-branch: Architectural Iaan Div., SAA-Seoul Auto Auction)
• Daewoo Electronics, a strong force both internationally and in Korea (sub-branch Daewoo Electronic Components Co. Ltd, Daewoo Electric Motor Industries Ltd., Orion Electric Co. Ltd.)
• Daewoo Precision Industries produced small calibre firearms and auto parts. It was spun off in February 2002 and relisted on the Korean stock-market in March 2002. It was renamed S&T Daewoo Co., Ltd in September 2006
• Daewoo Textile Co. Ltd.
• Daewoo Heavy Industries (DHI), which created heavy duty machinery

• Daewoo Shipbuilding & Marine Engineering produced container ships, oil tankers and planes. It spun off in 2000 and became an independent company, DSME, re-listing on the Korean stockmarket in 2001
• Daewoo Securities, a financial securities company
• Daewoo Telecom Ltd., which concentrated on the telecommunications (sub-branch Daewoo Informations Systems Co. Ltd.)
• Daewoo Corporation, (sub-branch Daewoo Construction, Keangnam Enterprises) which built highways, dams and skyscrapers, especially in the Middle East and Africa
• Daewoo International, a trading organization
• Daewoo Development Co. Ltd., managing Daewoo hotels around the world and had the Hilton Hotels franchise in South Korea
• IAE (Institute for Advanced Engineering): research and development integrated center

A further subsidiary was the Daewoo Development Company, funded by cash from the Group, and set up to develop hotels. Seven were built in Korea, China, Vietnam, and Africa. They were personally designed and furnished by Kim Woojoong's socialite wife Heeja who was Chairwoman of the company. The most lavish is the 5-star Hanoi Daewoo Hotel, which cost US$163 million to build in 1996 and was decorated by Heeja with fine art, porcelain, sculptures, and marble. She invited 3000 guests to the opening, including Russian President Vladimir Putin. There is an 18-hole golf course on the grounds and a swimming pool which is thought to be the largest in Asia. Kim is believed to have spent time there while "on the run".