Daewoo

Daewoo

Former Daewoo Group Headquarters building(Now Seoul Square Building)
Former type	Chaebol
Fate	Bankruptcy
Founded	March 22, 1967
Defunct	November 1, 1999
Headquarters	Seoul, South Korea
Key people	Kim Woo-jung, founder

Daewoo ("Dae" Hangul: 대. Korean for "Great" and "Woo" Hangul: 우. Korean the first name of founder and chairman Kim Woo-jung) or the Daewoo Group was a major South Korean chaebol (conglomerate).

It was founded on 22 March 1967 as Daewoo Industrial and was dismantled by the Korean government in 1999. Prior to the Asian financial crisis, Daewoo was the second largest conglomerate in Korea after Hyundai Group, followed by LG Group and Samsung. There were about 20 divisions under the Daewoo Group, some of which survive today as independent companies.

There were about 20 divisions in the Daewoo Group.

Daewoo Group had under its umbrella several major corporations:

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".

Daewoo Motor Co., Ltd. was founded when the Daewoo Group purchased Saehan Motor in 1978, but the Daewoo Motor name did not appear until 1983.

The Daewoo Motor brand appeared in the UK in 1995. At the time, it was the only manufacturer not using traditional dealerships – it owned and operated its own retail network. It was once considered to be among the top 10 motor companies in terms of production.