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TaeguTec Ltd.
대구텍
Type	Private
Founded	1952
Founder(s)	Government of South Korea
Headquarters	Daegu, South Korea
Key people	Moshe Sharon: President and CEO
Industry	Manufacturing
Employees	1,000
Website	www.taegutec.com

TaeguTec Ltd. (Korean: 대구텍) is a multinational corporation headquartered in Daegu, South Korea. It is Korea’s largest manufacturer of tungsten cutting tools and hard metal tools with the only integrated production plant in the world. The company is accounting for more than 60% of domestic production.^[1] TaeguTec, as Korea’s representative foreign-invested company, affiliated with IMC Group headquartered in Israel, earned reputation for its excellent global marketing and large production capacity worldwide. In May 2006, Berkshire Hathaway, chaired by Warren Buffett, purchased an 80% stake in TaeguTec’s parent company, IMC Group, for US$4 billion.^[2]

[edit] History

[edit] Before 1960s

Apr. 1916: Outcrop of Sang-Dong mine discovered in Gangwon-do, 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

[edit] 1960s

Jun. 1961: Established New York Branch office
Sep. 1961: Established R&D center
Nov. 1961: Established London Branch office
Feb. 1963: Established Tokyo Branch office
Dec. 1964: Park Tae-jun took office as president
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: Joint venture investments in POSCO (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

[edit] 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

[edit] 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

[edit] 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.
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)

[edit] 2000s

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 Sao Paulo
Jun. 2001: Established TaeguTec Scandinavia in Copenhagen, Denmark
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 Wroclaw
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 Pilsen

[edit] Corporate organization

CT Business Group
IP Business Group
Finance Division
Human Resources Division

[edit] Awards & events

Received an award of "$100 million Export Tower" (2005)
Warren Buffett visited TaeguTec (2007-10-25)
Received an award of "$200 million Export Tower" (2008)^[3]

[edit] See also

[edit] References

[edit] External links

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[0] "Foreign Investment Companies-Success Stories". http://www.investkorea.org/InvestKoreaWar/work/reg/eng/co/index.jsp?l_unit=90202&m_unit=90311&code=145020201. Retrieved 2009-11-08.

[1] Berkshire Hathaway to Acquire Iscar Metalworking Companies, Berkshire Hathaway, May 05, 2006

[2] TaeguTec received '$200 million Export Tower', TaeguTec, Dec 11, 2008

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