Far more than just a car company
, Daewoo is (or rather was)
one of the largest industrial
s in the world. Founded in 1967
in South Korea
rapidly became one of the true success stories of the Asian Tiger
. Within 15 years the company was producing
, was one of the world's major shipbuilder
offices on every continent
and was turning over half a billion
s every month.
The expansion continued apace throughout the 1980s with forays into
chemical production, oil drilling and a mind-boggling array of
industrial processes. A major campaign was launched to export their
low-priced medium-quality cars to Europe and to the US, and in 1996
they were in the top 10 largest companies in the world.
Then came the Asian economic crash, and Daewoo's fortunes abruptly
reversed. Extremely over-exposed to the Asian market Daewoo's huge
profits suddenly became equally huge losses.
Haemorrhaging millions of dollars every day all kinds of restructuring
plans were tried, but eventually the debts became overwhelming and on
November 7, 2000 the group was declared officially bankrupt with
global debts of over US$10 billion.