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Cutting tool manufacturer in Daegu, Korea
TaeguTec Ltd. (
Korean : 대구텍 ), formerly known as
Korea Tungsten Company , is a
multinational corporation headquartered in
Daegu , Korea. TaeguTec group has 26 overseas subsidiaries, over 130 distributors and 30 agents in 50 countries across Europe, Asia, Australia, and the
Americas .
In addition to the initial 80 per cent stake purchased in 2006,
Warren Buffett paid an additional US$2 billion for the remaining stake in
IMC , of which TaeguTec was a part.
[1] Through this acquisition, TaeguTec became
Berkshire Hathaway 's first and only wholly owned subsidiary in Korea. On October 25, 2007, Warren Buffett flew to
Daegu to tour TaeguTec and to meet with the management.
[2] On March 21, 2011, Warren Buffett re-visited the firm to attend the TaeguTec Plant 2
inauguration ceremony and later met with Korean President
Lee Myung-bak .
History
Before 1960s
Apr. 1916: Outcrop of Sang-dong mine discovered in
Gangwon Province , South Korea
Feb. 1947: Exported Scheelite to the U.S. for the first time
Sep. 1952:
Korea Tungsten Company (KTC) was established by the
Korean government
Export: US$16,457,000 (56% of Korean total)
Employee: 4,287
May. 1959: Constructed chemical processing plant
1960s
Jun. 1961: Established New York office
Sep. 1961: Established R&D Center
Nov. 1961: Established London office
Feb. 1963: Established Tokyo 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:
POSCO established as a joint venture between the Korean government and KTC (government 75%; KTC 25%)
Nov. 1968: Won official commendation from government for export
Nov. 1969: Won official commendation from government for export
1970s
Nov. 1972: Constructed APT (Ammonium Para Tungstate) plant
Feb. 1974: Constructed tungsten metal powder and tungsten carbide powder plant
Nov. 1976: Established
Rotterdam office
Nov. 1977: Constructed cemented carbide plant
Products: Blank, carbide insert, mining tools, brazed tools
Oct. 1978: Constructed coating plant (CVD-TiN production)
Dec. 1979: Constructed tool holder plant
1980s
Jan. 1981: Developed special coating substrate
May 1983: Rotterdam office in the Netherlands moved to Germany
Jul. 1985: Common R&D cooperation between Korea Tungsten 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 Keopyung Group
May. 1995: Established tungsten wire plant in China
Aug. 1998: KTC bought out by
Iscar
Aug. 1998: Company name changed from Korea Tungsten Company to TaeguTec Ltd.
Feb. 1999: Headquarters moved from
Seoul to
Taegu
Apr. 1999: Constructed new Marketing Center
1999: Established TaeguTec USA (currently Ingersoll USA)
1999: Established TaeguTec Germany (currently Ingersoll GmbH)
2000s
Mar. 2000: Established TaeguTec India in
Bangalore
Mar. 2000: Established TaeguTec UK in
Leeds
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 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
Nov. 2009: Established TaeguTec Hungary in
Törökbálint
Nov. 2010: Established TaeguTec Argentina in
Buenos Aires
Apr. 2012: Opened TaeguTec Plant II
May 2012: TaeguTec acquired the internationally recognized AEO certification from the World Customs Organization
Dec. 2012: TaeguTec received “$300 million Export Tower” by the Korean government
Jan. 2013: TaeguTec Recognized for Wellbeing of Workers by the Korean government
Jan. 2013: 2012 Excellent Enterprises in Job Creation (MOEL) by the Korean government
May 2013: Berkshire Hathaway acquired the remaining 20 percent of the IMC Group to become sole owner
Mar. 2014: Established TaeguTec Taiwan in Kaohsiung
Awards and events
Received a "$100 million Export Tower" award (2005)
Warren Buffett visited TaeguTec (2007)
Received a "$200 million Export Tower" award (2008)
[3]
Warren Buffett attended TaeguTec Plant 2 inauguration ceremony (2011)
See also
References
External links