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South Korean electronics maker Daewoo Electronics Corp. said Monday it has changed its company name to Dongbu Daewoo Electronics Corp. following a takeover by local conglomerate Dongbu Group.
The country’s No. 3 home appliance maker was acquired by Dongbu Group for 272.6 billion won ($244.3 million) deal in February, ending its decade-long quest to find a new owner after five rounds of botched talks with potential buyers such as Iran’s Entekhab Industrial and Morgan Stanley Private Equity.
Dongbu Daewoo Electronics is the former unit of the now-defunct Daewoo Group, one of South Korea’s biggest conglomerates that collapsed in 1999.
The company said it plans to keep the “Daewoo” brand for the time being to prevent confusion and sustain consumer trust in existing brands.
Dongbu Daewoo Electronics will use the “Daewoo,” “Klasse,” and “Mini” brands locally, while using the “Daewoo Electronics” brand in overseas markets.
The company said it plans to achieve an annual revenue of 5 trillion won and operating profit of 300 billion won by 2017. (Yonhap News)
The country’s No. 3 home appliance maker was acquired by Dongbu Group for 272.6 billion won ($244.3 million) deal in February, ending its decade-long quest to find a new owner after five rounds of botched talks with potential buyers such as Iran’s Entekhab Industrial and Morgan Stanley Private Equity.
Dongbu Daewoo Electronics is the former unit of the now-defunct Daewoo Group, one of South Korea’s biggest conglomerates that collapsed in 1999.
The company said it plans to keep the “Daewoo” brand for the time being to prevent confusion and sustain consumer trust in existing brands.
Dongbu Daewoo Electronics will use the “Daewoo,” “Klasse,” and “Mini” brands locally, while using the “Daewoo Electronics” brand in overseas markets.
The company said it plans to achieve an annual revenue of 5 trillion won and operating profit of 300 billion won by 2017. (Yonhap News)
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Articles by Korea Herald
