April 25, 2024

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[THE INVESTOR] Daewoo Electronics, which recently changed its name from Dongbu Daewoo Electronics Corp., said on March 12 it showcased new products at a home appliances exhibition in Shanghai last week.

The company changed its name after Dayou Group, a midsized Korean business group, signed a stock purchase agreement to acquire the firm last month. The electronics firm has a stronger presence overseas than at home, with 80 percent of its sales coming from abroad.

The company makes TVs and monitors, refrigerators, kitchen appliances, washing machines and air conditioners.

Daewoo said it participated in the Appliance & Electronics World Expo 2018, which ran from Thursday to Sunday, and exhibited some 60 products, including large-sized three-door refrigerator.

The firm said it clinched an agreement with a Chinese retailer to provide 15,000 units of its wall-mounted washers.

“It marks the fifth time that Daewoo has taken part in the Shanghai exhibition,” a source at the company said.

“As Daewoo Electronics and Dayou Winia are releasing new products together and expanding lineups, we believe the firms will perform well in the Chinese market.”

The official said Daewoo plans to expand the number of shops selling its products by 20 percent on-year in 2018 by utilizing Dayou’s existing networks in the world’s second-largest market.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)