Daewoo Banks on Free Trade Agreements
May 1, 2008
HIGH POINT, North Carolina – Daewoo International, South Korea's leading international trading company that makes everything from rubber gloves to urethane leather for car seats as well as Nike and Reebok shoes, will attend Showtime in June for the first time. According to Richard Kang, manager for Daewoo's textile home furnishing division, the corporation now plans to establish itself as a major upholstery fabric and furnishings manufacturer and supplier.
With a long history of financial monopoly and downfall, Daewoo International now focuses on expanding its vast list of products to include a solid furnishing and upholstery division. After being declared insolvent by the Korean government in 1999, Daewoo Corporation was divided into three companies: Daewoo International Corporation, Daewoo Engineering & Construction Company Limited and Daewoo Corporation. Since 2003, Daewoo International Corporation has worked to regain its international clout.
While in 2000, Business Week claimed that the Daewoo conglomeration had owed a total of $80 billion in debt from which it would never again recover, Kang now asserts that "Our sales record for 2007 was $350 million and our projected sales goal for 2008 is $500 million."
"We have over 43 years of history," said Kang. "Around 1000 people work in our leather and fabric manufacturing facility in Korea, and we have offices in Korea, New Jersey, Detroit and L.A. Our projected sales goal for 2008 for the leather and fabric division is $370 million."
With an overall sales projection for 2008 is $500 million, Daewoo now counts on fabric and furnishings to make over half of the total sales revenue for this year.
"We're going to have cut-and-sew products from Vietnam, so we can supply fabrics at competitive prices," said Kang, continuing "Our mill is in Korea. With the Chinese currency rising, and the Free Trade Agreement between the US and Korea, Korean products will be cheaper to import than Chinese."
Along with a fiscally advantageous sales plan, Kang indicated that Daewoo's strategy "is also to stay eco-friendly, which will be expanded on." According to Kang, Daewoo will launch several product lines at Showtime and seeks to gain the attention of top furniture manufacturers and fabric suppliers.
With a long history of financial monopoly and downfall, Daewoo International now focuses on expanding its vast list of products to include a solid furnishing and upholstery division. After being declared insolvent by the Korean government in 1999, Daewoo Corporation was divided into three companies: Daewoo International Corporation, Daewoo Engineering & Construction Company Limited and Daewoo Corporation. Since 2003, Daewoo International Corporation has worked to regain its international clout.
While in 2000, Business Week claimed that the Daewoo conglomeration had owed a total of $80 billion in debt from which it would never again recover, Kang now asserts that "Our sales record for 2007 was $350 million and our projected sales goal for 2008 is $500 million."
"We have over 43 years of history," said Kang. "Around 1000 people work in our leather and fabric manufacturing facility in Korea, and we have offices in Korea, New Jersey, Detroit and L.A. Our projected sales goal for 2008 for the leather and fabric division is $370 million."
With an overall sales projection for 2008 is $500 million, Daewoo now counts on fabric and furnishings to make over half of the total sales revenue for this year.
"We're going to have cut-and-sew products from Vietnam, so we can supply fabrics at competitive prices," said Kang, continuing "Our mill is in Korea. With the Chinese currency rising, and the Free Trade Agreement between the US and Korea, Korean products will be cheaper to import than Chinese."
Along with a fiscally advantageous sales plan, Kang indicated that Daewoo's strategy "is also to stay eco-friendly, which will be expanded on." According to Kang, Daewoo will launch several product lines at Showtime and seeks to gain the attention of top furniture manufacturers and fabric suppliers.
