Daewoo Elec. renamed as 'Dongbu Daewoo Electronics corporation'

South Korea's home appliance maker Daewoo Electronics is renamed as 'Dongbu Daewoo Electronics Corporation'.

The consumer electronics maker newly launched under Dongbu Group held a ceremony Monday to change its name from Daewoo Electronics and announced its new vision.

According to the new vision, Dongbu Group plans to nurture its electronics device unit to the group's core business unit.

With the vision of a giant leap for one of global top electronics makers, Dongbu also unveiled its mid to long-term goal of achieving five trillion won ($4.4 billion) in sales and 300 billion won in operating profit (OP) by 2017.

The company also proposed new strategies to expand product portfolio as a comprehensive electronics maker, enhance its dominance in the mid-end market, focus on the development of new brands, expand market presence to emerging markets including Central and South America, develop new products, models and core technologies and shift its production structures toward high value-added businesses.

Dongbu Group, picked up as a preferred bidder last August, paid the full purchase price for the acquisition of Daewoo Electronics under the formal contract signed in January and wrapped up its acquisition procedures in February.

[Written by Jieun Lee / edited by Soyoung Chung]

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