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| Korean Name | |
|---|---|
| Revised Romanization | Daeu |
| McCune-Reischauer | Taeu |
| Hangul | 대우 |
| Hanja | 大宇 |
Daewoo (meaning "Great Universe") is a major South Korean chaebol (conglomerate). It was founded in March 22, 1967 as Daewoo Industrial.
It ran into deep financial trouble in 1998 due to the Asian financial crisis and had to sell off its automotive arm Daewoo Motors to General Motors. Since then, GM has been moving to rebadge Daewoo cars as the low-end models for many brands, including Chevrolet and Suzuki. GM was sued by Daewoo's former US dealer network over this practice, since they no longer have new Daewoo cars to sell.
The group was reorganized into three big parts: Daewoo International, Daewoo Engineering & Construction and Daewoo Corporation. It is active in many markets; the most important are steel processing, ship building and financial.