Dongbu Daewoo Electronics

Dongbu Daewoo Electronics is a home electronics company. Established in 1971, it has since grown into a global business with more than 64 production sites, research and development and sales centres in more than 40 countries worldwide. Daewoo Electronics Sales UK (DESUK) was established in November 1993. It is the third largest electronics firm of South Korea after Samsung and LG. The company manufactures a range of high value electronics and home appliances. The company went through a bankruptcy in 1999 after Asian financial crisis and is currently owned completely by a group of creditors. Beside its business of manufacturing consumer goods, it has been contracted by different parties to set up local manufacturing units producing air-conditioners, refrigerators and washing machines. In October 2010, it was announced that the creditor group owning the company is to sell it to an Iran-based electronic company. Entekhab Industrial Group of Iran would buy the firm for 529 million dollars in November 2010 from its creditors. Entekhab industrial Group competed with Electrolux of Sweden for the acquisition. In June 2011, it was reported that creditors of Daewoo decided to drop the deal with Entekhab group over funding uncertainties; Entekhab Group threatened to take legal actions in response. After years of trying, in Jan 2013, Dongbu Group agreed to take over Daewoo Electronics (270 million$) to attain synergies effect with Dongbu families (Especially Dongbu CNI, Dongbu Hiteck and Dongbu Steel). Daewoo Electronics became the family of Dongbu Group by ending its workout status.