South Korea’s home appliance maker Daewoo Electronics Co. which regained its founding name under its new owner - Dayou Group - will work towards an initial public offering after 2020 upon achieving an operating profit margin of 5 percent next year, said its chief executive officer Ahn Jung-gu.
Dayou Group’s two electronics units Daewoo Electronics and Dayou Winia Co. held a joint press conference on Wednesday to brief reporters on their management goals and business strategies. Dayou Winia CEO Kim Jae-hyun said the company will look for ways to create synergy effect with Daewoo Electronics to boost sales to achieve its goal of an on-year sales gain of 30 percent.
Dayou Winia, formerly Winia Mando, pioneered the kimchi fridge market with its signature Dimchae brand that has maintained its number one position over the past 22 straight years. Daewoo Electronics, formerly Dongbu Daewoo Electronics, has 14 subsidiaries and 15 branches overseas, and takes up the largest market share in the Latin American market.
The two companies, meanwhile, ruled out the possibility of a merger. An official from Dayou Group said that they will be run by benchmarking the management of Hyundai Motor and Kia Motors to independently operate manufacturing and marketing while sharing research and development and logistics.
By Lee Dong-in and Choi Mira
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