Daewoo, the massive computers-to-construction conglomerate that is to be broken up by its creditors, will maintain ownership of its construction machinery business.
It is also continuing work on a new 50t hydraulic telescopic truck crane that is scheduled for launch next year, its first crane since the end of its manufacture-under-licence agreement with Grove in 1997, at which point Daewoo ceased manufacturing any cranes.
The Korean conglomerate, or chaebol, was reckoned to have been one of the 20 biggest companies in the world but now has debts estimated at more than $50bn. Under a rescue plan drawn up by creditors it is to sell its telecoms, electronics, shipbuilding, computers, construction and brokerage businesses. All that will remain will be automotive-related activities such as car manufacturing and construction machinery.
