Daewoo

Daewoo refers to Daewoo Group, a South Korean chaebol founded in 1967 by Kim Woo-choong. The group grew rapidly to become a diversified conglomerate with interests spanning steel, construction, energy, shipbuilding, automotive, electronics, trading, and financial services. At its peak, Daewoo operated a large global network of subsidiaries and affiliates and played a major role in South Korea’s industrial development.

The expansion was followed by a severe debt crisis during the late 1990s Asian financial crisis. In 1999 Daewoo Group was declared insolvent and entered a process of restructuring and asset sales that led to the dissolution of the original group. Creditors restructured the enterprises, with many units becoming independent companies or being acquired by other firms. Some former Daewoo businesses continued to operate under new ownership or brands.

Notable affiliates associated with Daewoo included Daewoo Motors, Daewoo Shipbuilding & Marine Engineering (DSME), Daewoo Electronics, Daewoo Construction, Daewoo Engineering & Construction, Daewoo International (the trading arm), and Daewoo Securities. Daewoo Motors was acquired by General Motors in 2001 and subsequently reorganized as GM Daewoo Auto & Technology, later rebranded as GM Korea. DSME remains a major shipyard operator under its own name, continuing to build ships and offshore structures. The other former Daewoo units were sold, merged, or reorganized within Korea’s evolving corporate landscape.

Today, Daewoo as a single corporate group no longer exists in its original form. The Daewoo name survives mainly in historical context and in legacy references, while the former businesses operate under different ownership structures and brands. The Daewoo case is frequently cited in discussions of chaebol reform and crisis-driven corporate restructuring in South Korea.