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South Korea's defense procurement agency Defense Acquisition Program Administration (DAPA) placed an order with Hyundai Heavy & Industries (HHI) on Tuesday to build two Daegu-class FFX-II frigates ahead of schedule to support the ailing local shipbuilding industry. Daewoo Shipbuilding & Marine Engineering (DSME) launched the lead ship of the new Daegu-class FFX-II frigate for the Republic of Korea Navy (ROK Navy) on June 2, 2016. Key updates of the Batch II over the ASW-focused Batch I include VLS and full electric propulsion system, as well as a larger hangar that can accomodate a 10-ton helicopter (Batch-I has hangar for lighter...

Navy buys Korean to keep its ships fuelled: £452m contract for four tankers goes to the Far East By Ian Drury Defence Minister Peter Luff announced yesterday that a £452million contract for the support tankers had been awarded to Daewoo Shipbuilding and Marine Engineering. Critics said the decision was a blow to Britain’s declining shipbuilding industry and to the proud naval tradition of what was once the world’s greatest seafaring nation. They also accused the Government of ‘shameless hypocrisy’ after David Cameron criticised India earlier this month for snubbing British industry when it awarded a £13billion deal to supply 126...

Daewoo Shipbuilding Bags Order for 3 Subs from Indonesia Daewoo Shipbuilding and Marine Engineering said it picked up a huge order to build submarines from the Indonesian Ministry of Defense on Wednesday. The company will build three 1,400-ton class diesel-powered submarines in a project worth about W1.3 trillion (US$1=W1,162), representing the biggest single export contract in the history of Korea’s defense industry. Daewoo now ranks as the first Korean company to export submarines it has created with its own technologies. It first received technological support from Germany in late 1988 and used this at the time to build a 1,200-ton...

  General Motors has announced that its Daewoo Group unit will now sell all of it vehicles under the Chevrolet name. The Korean Daewoo operation has suffered from falling sales and a reputation for shoddily built cars. So what is GM's answer to these challenges? Change the name!The name change game has been played before when GMAC became Ally Financial. More recently, GM introduced the "all new" Chevy Sonic, which is an updated Aveo. This smoke and mirrors marketing philosophy will only take GM so far before the public asks, "Is this all GM has got?" The Chevy brand...

Daewoo, Doosan in Indonesian vehicle deal Published: Nov. 18, 2010 at 6:45 AM SEOUL, Nov. 18 (UPI) -- Daewoo International Corp. has brokered a $70 million deal for Doosan DST to supply the K-21 tracked infantry fighting vehicle to the Indonesian army. South Korean company Doosan DST, formerly part of Doosan Infracore, will export the 22 vehicles over the next three years. Doosan Infracore is part of the Doosan Group. It was formed when Doosan acquired Daewoo Heavy Industries & Machinery in April 2005 and renamed it Doosan Infracore. Daewoo International said the deal -- the first export order for...

GM Daewoo Auto and Technology Co. said Friday it had started shipping new mini cars to Europe as the South Korean unit of US auto giant General Motors Co. seeks to expand global sales. GM Daewoo, acting as General Motors' global mini car development centre, said it will ship the "Matiz Creative", the fourth generation of GM Daewoo's popular "Matiz" mini car series, under the name "Chevrolet Spark". The South Korean unit will export 20,000 units to Europe by the end of the year and begin selling the car early next year. It did not say what the vehicles would...

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YEONGJONGDO, South Korea, June 14 (Yonhap) -- Kim Woo-choong, founder of the now-defunct Daewoo Group, arrived Tuesday from Vietnam after being in hiding overseas for nearly six years, a return which is likely to touch off a heated debate over his contribution to the economy. The 69-year-old former business tycoon, wearing a dark suit, looked tired and appeared along with investigators of the prosecution. After being surrounded by hundreds of reporters and protesters, Kim was whisked to the Supreme Prosecutors' Office for the start of an investigation which is likely to ripple through the political and business communities. Kim,...

NewsFlash Home | More Michigan News GM Daewoo files suit against Chinese auto company 5/9/2005, 10:41 a.m. ET The Associated Press BEIJING (AP) — Automaker GM Daewoo is suing Chinese carmaker Chery Automobile Co. for allegedly copying one of its vehicles, according to a newspaper report. GM Daewoo Auto & Technology Co. is seeking 80 million yuan ($9.7 million) in compensation, alleging Chery's QQ mini car copied its Daewoo Matiz and Spark brands, which Chery denies, the China Daily reported. The Beijing Number One Intermediate People's Court confirmed Sunday it accepted a lawsuit filed by GM Daewoo against Chery, according...

SEOUL, March 11 (Yonhap) -- A former president of Daewoo Construction and Engineering Co. apparently attempted to commit suicide Thursday by jumping off a bridge in Seoul, police said. Nam Sang-guk parked his car on a bridge over the Han River, which runs through the capital, and jumped off around 12:50 p.m., police officers said. It was not immediately confirmed whether he survived. The apparent suicide came about one and half hours after President Roh Moo-hyun said at a news conference that Nam tried to win favors by providing money to his elder brother. "Nam called me and said...

The Associated Press, Tue 16 Apr 2002 SEOUL, South Korea (AP) — U.S. auto giant General Motors Corp. will sign a $1.2 billion deal to take over South Korea's Daewoo Motor Co. early next week, creditor banks of the South Korean carmaker said Wednesday. ``We plan to sign the deal next Tuesday,'' said Shim Sang-hoon, a spokesman for Daewoo's main creditor, state-run Korea Development Bank. Kay Lee, a GM spokesman in Seoul, confirmed the plan, and said that GM Chairman Jack Smith is planning to travel to South Korea to sign the contract. GM signed a preliminary deal to take...