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TaeguTec Ltd.
대구텍
Type Private
Founded 1952
Founder(s) Government of South Korea
Headquarters Daegu, South Korea
Key people Moshe Sharon: President and CEO
Industry Manufacturing
Employees 1,200
Website www.taegutec.com

TaeguTec Ltd. (Korean: 대구텍), formerly known as Korea Tungsten Co. (KTC, 대한중석), is a multinational corporation headquartered in Daegu, South Korea. It is Korea’s largest manufacturer of tungsten cutting tools and hard metal tools with the only integrated production plant in the world. The company is accounting for more than 60% of domestic production.[1] TaeguTec, as Korea’s representative foreign-invested company, affiliated with the IMC Group of Israel, earned reputation for its excellent global marketing and large production capacity worldwide. It now has 25 overseas subsidiaries, over 130 distributors including the local market, and 30 agents in 50 countries across Europe, Asia, Australia, and the American countries. In May 2006, Berkshire Hathaway, chaired by Warren Buffett, purchased an 80% stake in TaeguTec’s parent company, the IMC Group, for USD $4 billion.[2]

Contents

History

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Before 1960s

  • Apr. 1916: Outcrop of Sang-dong mine discovered in Gangwon Province, South Korea
  • Feb. 1936: Established SOLIM Mining Co. Ltd.
  • Feb. 1947: Export Scheelite to the USA for the first time
  • Sep. 1952: Established Korea Tungsten Co. Ltd. (State Enterprise)
    • Export: US$16,457,000 (56% of Korean Total)
    • Employing: 4,287
  • May. 1959: Constructed Chemical processing plant

1960s

  • Jun. 1961: Established New York Branch office
  • Sep. 1961: Established R&D center
  • Nov. 1961: Established London Branch office
  • Feb. 1963: Established Tokyo Branch office
  • Dec. 1964: Park Tae-jun took office as president
  • Nov. 1966: Won official commendation from government for export
    • Ranked second among Korean companies
  • Nov. 1967: Won official commendation from government for export
    • Ranked third among Korean companies
  • Feb. 1968: Joint venture investments in POSCO (Government 75%, Korea Tungsten Co. Ltd 25%)
  • Nov. 1968: Won official commendation from government for export
  • Nov. 1969: Won official commendation from government for export

1970s

  • Nov. 1972: Constructed of APT (Ammonium Para Tungstate) plant
  • Feb. 1974: Constructed Tungsten Metal Powder and Tungsten Carbide Powder plant
  • Nov. 1976: Established Rotterdam Branch office
  • Nov. 1977: Constructed Cemented carbide plant
    • Products: Blank, Carbide insert, Mining tools, Brazed tools
  • Oct. 1978: Constructed Coating plant (CVD-TiN production firstly)
  • Dec. 1979: Constructed Tool holder plant

1980s

  • Jan. 1981: Developed Special Coating Substrate
  • May 1983: Rotterdam Branch office in Netherlands moved to Germany
  • Jul. 1985: Common R&D cooperation between Korea Tungsten Co. Ltd. and POSCO
  • Oct. 1985: Developed CERMET Inserts
  • Nov. 1988: Constructed Carbide Roll plant
  • Nov. 1989: Constructed Tungsten Wire plant

1990s

  • Mar. 1991: Constructed Ceramic plant
  • Feb. 1994: Sang-Dong Tungsten mine closed
  • Mar. 1994: Privatized and taken over by Keo-Pyung Group in Korea
  • May. 1995: Established Tungsten Wire plant in China
  • Aug. 1998: Korea Tungsten Co. Ltd. bought out by Iscar
  • Aug. 1998: Company name changed from Korea Tungsten Co. Ltd to TaeguTec Ltd.
  • Feb. 1999: Headquarters moved to Daegu from Seoul
  • Apr. 1999: Constructed new Marketing Center

2000s

  • Mar. 2000: Established TaeguTec cutting tools factory in India
  • Jul. 2000: Constructed new R&D Center
  • Dec. 2000: Established TaeguTec China in Shanghai
  • Mar. 2001: Established TaeguTec Brazil in Sao Paulo
  • Jun. 2001: Established TaeguTec Scandinavia in Copenhagen, Denmark
  • Jun. 2002: Established TaeguTec UK in Leeds
  • Jun. 2002: Established TaeguTec Italy in Turin & Milan
  • Jun. 2004: Established TaeguTec Japan in Nagoya
  • Jun. 2004: Constructed new Tech Center and Carbide Rod factory
  • Jun. 2005: Established TaeguTec Australia in Sydney
  • Oct. 2005: Established TaeguTec Turkey in Istanbul
  • Mar. 2006: Established TaeguTec Slovakia in Žilina
  • Apr. 2006: Established TaeguTec Malaysia in Kuala Lumpur
  • Jan. 2007: Established TaeguTec Thailand in Bangkok
  • Feb. 2007: Established TaeguTec Spain in Barcelona
  • Mar. 2007: Established TaeguTec France in Champs-sur-Marne
  • Jul. 2007: Established TaeguTec Indonesia in Bekasi
  • Nov. 2007: Established TaeguTec Poland in Wroclaw
  • Apr. 2008: Established TaeguTec Russia in Moscow
  • Apr. 2008: Established TaeguTec Ukraine in Dnipropetrovsk
  • Jun. 2009: Established TaeguTec South Africa in Johannesburg
  • Sep. 2009: Established TaeguTec Czech in Pilsen
  • Nov. 2009: Established TaeguTec Hungary in Törökbálint

Corporate organization

  • CT Business Group
  • IP Business Group
  • Finance Division
  • Human Resources Division

Awards & events

  • Received an award of "$100 million Export Tower" (2005)
  • Warren Buffett visited TaeguTec (2007-10-25)
  • Received an award of "$200 million Export Tower" (2008)[3]

See also

References

External links


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