Dongbu Group Purchases Daewoo Electronics Corp. -- Sets Stage for Brand's Global Re-Emergence

Print
| Source: Dongbu Daewoo Electronics Corp.

MIAMI, FL--(Marketwired - Aug 15, 2013) - Daewoo Electronics Corporation of America is proud to announce that it has been purchased by the Dongbu Group, the 13th largest corporation in Korea. Dongbu Group currently operates in seven business segments -- among them IT/Electronics, Construction/Energy/Real Estate Development, and Steel/Metal/Chemical -- and will leverage its subsidiaries to reintroduce the Daewoo brand. The company will operate as Dongbu Daewoo Electronics Corp., with the Daewoo Electronics brand continuing to serve as the brand identity for major products.

Jaehyung Lee, CEO and vice chairman of Dongbu Daewoo Electronics Corp., said the move positions the company to leverage existing strengths for region-by-region success and strong overall growth. "In concert with adopting our new name, we aim to strengthen our global infrastructure so that we can deliver consumer products that best match the needs of each region," Lee said in a letter to stakeholders. "By adding high value and sharpening our competitiveness across all facets of our business, we also aim to profitably grow with you."

Daewoo benefits from Dongbu Group's global network of financial investment, manufacturing and R&D of finished product. Daewoo is a manufacturer of major appliances such as refrigerators, freezers, air conditioners, microwave ovens and laundry products. Under its new ownership, Dongbu Daewoo Electronics Corp. also intends to re-enter the TV segment in the second half of 2014, starting with edge-type LED TVs in various sizes.

The company manufactures products in Mexico, China and South Korea and is selling to major American retailers, while continuing to gain market share within the home appliance and consumer electronics industries. The merger also benefits Dongbu by giving access to world markets through Daewoo Electronics' worldwide distribution network.

About Daewoo Electronics
Daewoo Electronics is a leading South Korean manufacturer of consumer electronics and home appliances worldwide, with emphasis on genuine usefulness to the customer, family oriented products, and health and environmental responsibility. Daewoo Electronics is dedicated to improving the lives of our customers through the use of advanced technology... and a commitment to innovation, quality, value, and excellence in design.

About Dongbu Group:
Started in 1969 as Miryung Construction Company, Ltd., Dongbu is now a Korean global conglomerate corporation operating through seven business segments -- Steel/Metal/Chemical, Agriculture/Health/Distribution, IT/Electronics, Construction/Energy/Real Estate Development, Logistics/Passenger Transport/Contents, Insurance/Securities/Banking, and Corporate Social Responsibility -- with 59 subsidiaries and 40,000 employees. Although started nearly 50 years later than other leading competitors in Korea, Dongbu is ranked as a top ten Korean conglomerate in 2000 based on a report by The Fair Trade Commission of the Korean Government. Similarly, all Dongbu companies command a top-tier presence in their respective fields of industries in Korea. Dongbu is currently embarking on company-wide ambitious strategic plans with a full thrust to be a global leader in all classes of its businesses in the next decade. For more information, please visit http://www.dongbu.com/

Contact Information:

Adriana Sol
(305) 447-8678 x104
Email Contact