TaeguTec Ltd. (), formerly known as Korea Tungsten Company, is a multinational corporation headquartered in Daegu, Korea. TaeguTec group has 26 overseas subsidiaries, over 130 distributors and 30 agents in 50 countries across Europe, Asia, Australia, and the Americas.
In addition to the initial 80 per cent stake purchased in 2006, Warren Buffett paid an additional US$2 billion for the remaining stake in IMC, of which TaeguTec was a part.Buffett pays $2bn for control of Israeli group, Financial Times, May 1, 2013 Through this acquisition, TaeguTec became Berkshire Hathaway's first and only wholly owned subsidiary in Korea. On October 25, 2007, Warren Buffett flew to Daegu to tour TaeguTec and to meet with the management.Why Warren Buffett Likes "Boring" TaeguTec – CNBC On March 21, 2011, Warren Buffett re-visited the firm to attend the TaeguTec Plant 2 inauguration ceremony and later met with Korean President Lee Myung-bak.
History
Before 1960s Apr. 1916: Outcrop of Sang-dong mine discovered in Gangwon Province, South Korea Feb. 1947: Exported Scheelite to the U.S. for the first time Sep. 1952: Korea Tungsten Company (KTC) was established by the Korean government Export: US$16,457,000 (56% of Korean total) Employee: 4,287 May. 1959: Constructed chemical processing plant
1960s Jun. 1961: Established New York office Sep. 1961: Established R&D Center Nov. 1961: Established London office Feb. 1963: Established Tokyo office 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: POSCO established as a joint venture between the Korean government and KTC (government 75%; KTC 25%) Nov. 1968: Won official commendation from government for export Nov. 1969: Won official commendation from government for export
1970s Nov. 1972: Constructed APT (Ammonium Para Tungstate) plant Feb. 1974: Constructed tungsten metal powder and tungsten carbide powder plant Nov. 1976: Established Rotterdam office Nov. 1977: Constructed cemented carbide plant Products: Blank, carbide insert, mining tools, brazed tools Oct. 1978: Constructed coating plant (CVD-TiN production) Dec. 1979: Constructed tool holder plant
1980s Jan. 1981: Developed special coating substrate May 1983: Rotterdam office in the Netherlands moved to Germany Jul. 1985: Common R&D cooperation between Korea Tungsten 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 Keopyung Group May. 1995: Established tungsten wire plant in China Aug. 1998: KTC bought out by Iscar Aug. 1998: Company name changed from Korea Tungsten Company to TaeguTec Ltd. Feb. 1999: Headquarters moved from Seoul to Taegu Apr. 1999: Constructed new Marketing Center 1999: Established TaeguTec USA (currently Ingersoll USA) 1999: Established TaeguTec Germany (currently Ingersoll GmbH)
2000s Mar. 2000: Established TaeguTec India in Bangalore Mar. 2000: Established TaeguTec UK in Leeds Jul. 2000: Constructed new R&D Center Dec. 2000: Established TaeguTec China in Shanghai Mar. 2001: Established TaeguTec Brazil in São Paulo Jun. 2001: Established TaeguTec Scandinavia in Copenhagen, Denmark 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 Wrocław 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 Plzeň Nov. 2009: Established TaeguTec Hungary in Törökbálint Nov. 2010: Established TaeguTec Argentina in Buenos Aires Apr. 2012: Opened TaeguTec Plant II May 2012: TaeguTec acquired the internationally recognized AEO certification from the World Customs Organization Dec. 2012: TaeguTec received “$300 million Export Tower” by the Korean government Jan. 2013: TaeguTec Recognized for Wellbeing of Workers by the Korean government Jan. 2013: 2012 Excellent Enterprises in Job Creation (MOEL) by the Korean government May 2013: Berkshire Hathaway acquired the remaining 20 percent of the IMC Group to become sole owner Mar. 2014: Established TaeguTec Taiwan in Kaohsiung
Awards and events Received a "$100 million Export Tower" award (2005) Warren Buffett visited TaeguTec (2007) Received a "$200 million Export Tower" award (2008)TaeguTec received '$200 million Export Tower', TaeguTec, Dec 11, 2008 Warren Buffett attended TaeguTec Plant 2 inauguration ceremony (2011)
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