Korea Tungsten Company (KTC, ) was a major South Korean manufacturer of tungsten cutting tools, tungsten powder, and related metal-cutting products. It was the 28th-largest chaebol by assetMajor Makeover Powers Growth For TaeguTec - Invest Korea Journal with subsidiaries such as Korea Tungsten Construction and Korea Sintered Metal. In 1952, KTC appointed its first President, Ahn Taek Jun. With the national government, KTC also established POSCO, which is now the world's second largest steelmaker by output. In 1998, Keo-Pyung, then KTC's proprietor, defaulted on its loans and was declared bankrupt by its main creditor, CHB Bank. On May 12, 1998, Keo-Pyung announced that it would shed 14 of its 19 companies, Korea Tungsten among them. ISCAR, the predecessor and now the largest arm of IMC, bought KTC after months of negotiations, and renamed it TaeguTec. Today, TaeguTec group has become a global tooling and solutions giant with 25 overseas subsidiaries and over 130 distributors in 50 countries throughout the world.
History
The history of KTC dates back to April 1916, when the Sangdong Tungsten Mine was discovered in Gangwon Province, South Korea. Ever since, the company had grown to be one of the most successful and influential companies in Korea, accounting for 60 per cent of the country's total export revenue in the 60s and 70s.
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 City Branch office Sep. 1961: Established R&D center Nov. 1961: Established London Branch office Feb. 1963: Established Tokyo Branch 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: Established POSCO with the National Government (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.
Post-merger / TaeguTec era Feb. 1999: Headquarters moved to Daegu from Seoul Apr. 1999: Constructed new Marketing Center 1999: Established TaeguTec USA (The present Ingersoll USA – Rockford) 1999: Established TaeguTec Germany (The present Ingersoll GMBH – Haiger) 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 São Paulo Jun. 2001: Established TaeguTec Scandinavia in Copenhagen 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 Wrocław Apr. 2008: Established TaeguTec Russia in Moscow Apr. 2008: Established TaeguTec Ukraine in Dnipro Jun. 2009: Established TaeguTec South Africa in Johannesburg Sep. 2009: Established TaeguTec Czech in Plzeň Nov. 2009: Established TaeguTec Hungary in Törökbálint
See also
Economy of South Korea Government of South Korea
References
External links