New Start
for Daewoo E&C

The company's strategies remain the same although new member of Kumho-Asiana

"Beautiful Flight"is the theme designed for this year by Daewoo Engineering and Construction Co. to show that the company as a member of the Kumho-Asiana Group has launched a new path for its growth this year, the company said.
The company had another significance attached to last year because the company was named the top construction firm in terms of construction capability, backed up by its sound finance, construction technology and the capacity to undertake large construction projects.
The company had its ups and downs during its over three decades long operation as a top builder in the country with the most traumatic one being its having been placed under court receivership due to its bankruptcy during the foreign exchange crisis that visited the country in 1998. The company was put under a workout program by the court, separated from the Daewoo Group.
But the company has done well overcoming tough problems along without the help of affiliates because it has none. It kept its market share and expanded its growth at home and overseas. Its successful performance even during the workout won envies of many in the industry and attracted many bidders to take over the firm upon its graduation from the workout.
The Kumho-Asiana Group bid over 6.5 trillion won to buy Daewoo Construction, an enormous sum for a firm that has been put under a work-out program as the company went belly up during the foreign exchange crisis of 1998.
The company won many construction projects at home and overseas, the Middle East in particular. The company also won a number of mega projects in Nigeria in recent years due to its bold strategy of entering the African country before any other Korean firms did some two decades ago.
The large projects that Daewoo E&C has been undertaking at home are the construction of nuclear power plants and related work. The company boasts a large pool of experiences. nw

Daewoo E&C CEO Park Chang-kyoo