Daewoo Corp. to Be Split off as Planned

Article excerpt

Daewoo Corporation would be split off into three companies as planned earlier.

The company yesterday completed legal proceeding to divide it into Daewoo International Corp., Daewoo Engineering & Construction and Daewoo Corporation.

Daewoo International will have 2.713 trillion won in total asset with 2.452 trillion in debts while Daewoo Engineering & Construction will possess 5.368 trillion won and 4.473 trillion won in assets and debts, respectively.

Daewoo Corporation will consist of the remaining division excluded from the two companies.

``With the completion of the split-off work, the Daewoo companies will be reborn as clean companies,'' said a Daewoo official.

Lee Tae-yong, who formerly served as CEO of trade division of Daewoo Corporation, will assume the CEO post of the Daewoo International.

Nam Sang-koo, who has served as head of the construction division of the Daewoo Corp., is also set to assume the CEO post of the new construction company.

Daewoo Corporation will be jointly managed by Lee and Nam, said the Daewoo official. …