TaeguTec
Encyclopedia
TaeguTec Ltd. formerly known as Korea Tungsten Co.
(KTC, 대한중석), is a multi-national corporation headquartered in Daegu
, Korea
. It is the largest cutting tools manufacturer in the Far East
, also Korea’s largest manufacturer of tungsten cutting tools and hard metal tools with the only integrated tungsten production plant in the world. The company is accounting for more than 60% of domestic production. TaeguTec group has 26 overseas subsidiaries and over 130 distributors and 30 agents in 50 countries across Europe
, Asia
, Australia
, and the American
countries. Considered as the world's oldest cutting tool manufacturer, the group has 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 holding company IMC
for US$5 billion. Through this acquisition, TaeguTec became the first and only Berkshire Hathaway company in Korea. On October 25, 2007, Warren Buffett personally attended the inauguration of an IMC manufacturing plant in Dalian
, China
, after which he flew to Daegu
, Korea
to visit TaeguTec corporate headquarters. On March 21, 2011, Warren Buffett re-visited TaeguTec group headquarters to attend TaeguTec Plant 2 inauguration ceremony and later met with Korean President Lee Myung-bak
. Buffett also visited the Indian subsidiary TaeguTec India in Bangalore
.
Korea Tungsten Company
Korea Tungsten Company was a major South Korean manufacturer of tungsten cutting tools, tungsten powder, and related metal-cutting products. It was the 28th-largest chaebol by asset with subsidiaries such as Korea Tungsten Construction and Korea Sintered Metal...
(KTC, 대한중석), is a multi-national corporation headquartered in Daegu
Daegu
Daegu , also known as Taegu, and officially the Daegu Metropolitan City, is a city in South Korea, the fourth largest after Seoul, Busan, and Incheon, and the third largest metropolitan area in the country with over 2.5 million residents. The city is the capital and principal city of the...
, Korea
Korea
Korea ) is an East Asian geographic region that is currently divided into two separate sovereign states — North Korea and South Korea. Located on the Korean Peninsula, Korea is bordered by the People's Republic of China to the northwest, Russia to the northeast, and is separated from Japan to the...
. It is the largest cutting tools manufacturer in the Far East
Far East
The Far East is an English term mostly describing East Asia and Southeast Asia, with South Asia sometimes also included for economic and cultural reasons.The term came into use in European geopolitical discourse in the 19th century,...
, also Korea’s largest manufacturer of tungsten cutting tools and hard metal tools with the only integrated tungsten production plant in the world. The company is accounting for more than 60% of domestic production. TaeguTec group has 26 overseas subsidiaries and over 130 distributors and 30 agents in 50 countries across Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, and the American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
countries. Considered as the world's oldest cutting tool manufacturer, the group has earned reputation for its excellent global marketing and large production capacity worldwide. In May 2006, Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
, chaired by Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
, purchased an 80% stake in TaeguTec’s holding company IMC
International Metalworking Companies
IMC International Metalworking Companies B.V. is one of the world's largest holding companies for metalworking products. As part of Berkshire Hathaway, IMC operates Iscar, TaeguTec, Tungaloy, Ingersoll and more in over 50 countries. IMC member companies have secured management control over...
for US$5 billion. Through this acquisition, TaeguTec became the first and only Berkshire Hathaway company in Korea. On October 25, 2007, Warren Buffett personally attended the inauguration of an IMC manufacturing plant in Dalian
Dalian
Dalian is a major city and seaport in the south of Liaoning province, Northeast China. It faces Shandong to the south, the Yellow Sea to the east and the Bohai Sea to the west and south. Holding sub-provincial administrative status, Dalian is the southernmost city of Northeast China and China's...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, after which he flew to Daegu
Daegu
Daegu , also known as Taegu, and officially the Daegu Metropolitan City, is a city in South Korea, the fourth largest after Seoul, Busan, and Incheon, and the third largest metropolitan area in the country with over 2.5 million residents. The city is the capital and principal city of the...
, Korea
Korea
Korea ) is an East Asian geographic region that is currently divided into two separate sovereign states — North Korea and South Korea. Located on the Korean Peninsula, Korea is bordered by the People's Republic of China to the northwest, Russia to the northeast, and is separated from Japan to the...
to visit TaeguTec corporate headquarters. On March 21, 2011, Warren Buffett re-visited TaeguTec group headquarters to attend TaeguTec Plant 2 inauguration ceremony and later met with Korean President Lee Myung-bak
Lee Myung-bak
Lee Myung-bak is the President of South Korea. Prior to his presidency, he was the CEO of Hyundai Engineering and Construction and the mayor of Seoul. He is married to Kim Yoon-ok and has three daughters and one son. His older brother is Lee Sang-deuk, a South Korean politician. He attends the...
. Buffett also visited the Indian subsidiary TaeguTec India in Bangalore
Bangalore
Bengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
.
Before 1960s
- Apr. 1916: Outcrop of Sang-dong mine discovered in Gangwon ProvinceGangwon-do (South Korea)Gangwon-do is a province of South Korea, with its capital at Chuncheon. Before the division of Korea in 1945, Gangwon and its North Korean neighbour Kangwŏn formed a single province.-History:...
, South KoreaSouth KoreaThe Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south... - Feb. 1936: Established Solim Mining Co. Ltd.
- Feb. 1947: Export Scheelite to the USA for the first time
- Sep. 1952: Established Korea Tungsten CompanyKorea Tungsten CompanyKorea Tungsten Company was a major South Korean manufacturer of tungsten cutting tools, tungsten powder, and related metal-cutting products. It was the 28th-largest chaebol by asset with subsidiaries such as Korea Tungsten Construction and Korea Sintered Metal...
(state enterprise)- Export: US$16,457,000 (56% of Korean Total)
- Employing: 4,287
- May. 1959: Constructed Chemical processing plant
1960s
- Jun. 1961: Established New YorkNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
office - Sep. 1961: Established R&D center
- Nov. 1961: Established LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
office - Feb. 1963: Established TokyoTokyo, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
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: Established POSCOPOSCOPOSCO is a multinational steel-making company headquartered in Pohang, South Korea. It is the world's third-largest steelmaker by market value and the most profitable Asia-based steelmaker....
as a joint venture with the national governmentGovernment of South KoreaThe Government of South Korea is divided into executive, judicial, and legislative branches. The executive and judicial branches operate primarily at the national level, although various ministries in the executive branch also carry out local functions. Local governments are semi-autonomous, and...
(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
1970s
- Nov. 1972: Constructed APT (Ammonium Para Tungstate) plant
- Feb. 1974: Constructed tungsten metal powder and tungsten carbide powder plant
- Nov. 1976: Established RotterdamRotterdamRotterdam is the second-largest city in the Netherlands and one of the largest ports in the world. Starting as a dam on the Rotte river, Rotterdam has grown into a major international commercial centre...
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
1980s
- Jan. 1981: Developed special coating substrate
- May 1983: Rotterdam office in Netherlands moved to GermanyGermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
- 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 Keo-Pyung in Korea
- May. 1995: Established tungsten wire plant in China
- Aug. 1998: Korea Tungsten Co. bought out by IscarISCAR MetalworkingIscar Metalworking is the largest company of IMC and one of the largest toolmaking companies in the world. The company was founded in 1952 in a wooden garage behind the home of Stef Wertheimer in Israel...
- Aug. 1998: Company name changed from Korea Tungsten Co. to TaeguTec Ltd.
- Feb. 1999: Headquarters moved from SeoulSeoulSeoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
to Taegu - Apr. 1999: Constructed new Marketing Center
- 1999: Established TaeguTec USA (Ingersoll USA)
- 1999: Established TaeguTec Germany (Ingersoll GMBH)
2000s
- Mar. 2000: Established TaeguTec India in BangaloreBangaloreBengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
- Jul. 2000: Constructed new R&D Center
- Dec. 2000: Established TaeguTec China in ShanghaiShanghaiShanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
- Mar. 2001: Established TaeguTec Brazil in Sao PauloSão PauloSão Paulo is the largest city in Brazil, the largest city in the southern hemisphere and South America, and the world's seventh largest city by population. The metropolis is anchor to the São Paulo metropolitan area, ranked as the second-most populous metropolitan area in the Americas and among...
- Jun. 2001: Established TaeguTec Scandinavia in CopenhagenCopenhagenCopenhagen is the capital and largest city of Denmark, with an urban population of 1,199,224 and a metropolitan population of 1,930,260 . With the completion of the transnational Øresund Bridge in 2000, Copenhagen has become the centre of the increasingly integrating Øresund Region...
, DenmarkDenmarkDenmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark... - Jun. 2002: Established TaeguTec UK in LeedsLeedsLeeds is a city and metropolitan borough in West Yorkshire, England. In 2001 Leeds' main urban subdivision had a population of 443,247, while the entire city has a population of 798,800 , making it the 30th-most populous city in the European Union.Leeds is the cultural, financial and commercial...
- Jun. 2002: Established TaeguTec Italy in TurinTurinTurin is a city and major business and cultural centre in northern Italy, capital of the Piedmont region, located mainly on the left bank of the Po River and surrounded by the Alpine arch. The population of the city proper is 909,193 while the population of the urban area is estimated by Eurostat...
& MilanMilanMilan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,... - Jun. 2004: Established TaeguTec Japan in Nagoya
- Jun. 2004: Constructed new Tech Center and Carbide Rod factory
- Jun. 2005: Established TaeguTec Australia in SydneySydneySydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
- Oct. 2005: Established TaeguTec Turkey in IstanbulIstanbulIstanbul , historically known as Byzantium and Constantinople , is the largest city of Turkey. Istanbul metropolitan province had 13.26 million people living in it as of December, 2010, which is 18% of Turkey's population and the 3rd largest metropolitan area in Europe after London and...
- Mar. 2006: Established TaeguTec Slovakia in ŽilinaŽilinaŽilina is a city in north-western Slovakia, around from the capital Bratislava, close to both the Czech and Polish borders. It is the fourth largest city of Slovakia with a population of approximately 85,000, an important industrial center, the largest city on the Váh river, and the seat of a...
- Apr. 2006: Established TaeguTec Malaysia in Kuala LumpurKuala LumpurKuala Lumpur is the capital and the second largest city in Malaysia by population. The city proper, making up an area of , has a population of 1.4 million as of 2010. Greater Kuala Lumpur, also known as the Klang Valley, is an urban agglomeration of 7.2 million...
- Jan. 2007: Established TaeguTec Thailand in BangkokBangkokBangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
- Feb. 2007: Established TaeguTec Spain in BarcelonaBarcelonaBarcelona is the second largest city in Spain after Madrid, and the capital of Catalonia, with a population of 1,621,537 within its administrative limits on a land area of...
- Mar. 2007: Established TaeguTec France in Champs-sur-MarneChamps-sur-MarneChamps-sur-Marne is a commune in the eastern suburbs of Paris, France. It is located in the Seine-et-Marne Departments of France in the Île-de-France region from the center of Paris....
- Jul. 2007: Established TaeguTec Indonesia in BekasiBekasiBekasi is a city in West Java, Indonesia, located on the eastern border of Jakarta in the Jabodetabek metropolitan region. To the south is Bogor Regency, east is Bekasi Regency....
- Nov. 2007: Established TaeguTec Poland in WroclawWroclawWrocław , situated on the River Oder , is the main city of southwestern Poland.Wrocław was the historical capital of Silesia and is today the capital of the Lower Silesian Voivodeship. Over the centuries, the city has been part of either Poland, Bohemia, Austria, Prussia, or Germany, but since 1945...
- Apr. 2008: Established TaeguTec Russia in MoscowMoscowMoscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
- Apr. 2008: Established TaeguTec Ukraine in DnipropetrovskDnipropetrovskDnipropetrovsk or Dnepropetrovsk formerly Yekaterinoslav is Ukraine's third largest city with one million inhabitants. It is located southeast of Ukraine's capital Kiev on the Dnieper River, in the south-central region of the country...
- Jun. 2009: Established TaeguTec South Africa in JohannesburgJohannesburgJohannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
- Sep. 2009: Established TaeguTec Czech in PilsenPilsenPlzeň, or Pilsen is a city in western Bohemia in the Czech Republic. It is the capital of the Plzeň Region and the fourth most populous city in the Czech Republic. It is located about 90 km west of Prague at the confluence of four rivers—the Radbuza, the Mže, the Úhlava, and the Úslava—which...
- Nov. 2009: Established TaeguTec Hungary in TörökbálintTörökbálintTörökbálint is a town in Pest county, Hungary. Törökbálint received town status on 1 July 2007.The city has also got a German name, Großturwall, which originates from the times of the Swabian immigration after the Turkish occupation of Hungary....
- Nov. 2010: Established TaeguTec Argentina in Buenos AiresBuenos AiresBuenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
- Nov. 2011: Due to open TaeguTec Plant 2
Corporate organization
- CT Business Group—Cutting Tools
- IP Business Group—Industrial Products
- Finance & Accounting
- Human Resources & Administration
- R&D Center
- Domestic offices: SeoulSeoulSeoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
, Taegu, UlsanUlsanUlsan , officially the Ulsan Metropolitan City, is South Korea's seventh largest metropolis with a population of over 1.1 million. It is located in the south-east of the country, neighboring Busan to the south and facing Gyeongju to the north and the Sea of Japan to the east.Ulsan is the...
, ChangwonChangwonChangwon is a city in and the capital of Gyeongsangnam-do in South Korea. Changwon city is 8th most populous city in South Korea, with a 2010 established population of 1,089,039. It encompasses a land area of on southeastern of South Korea. The population of Southeastern part of Korea, that...
, Jungbu, Pusan - Overseas subsidiaries and distributors
Awards & events
- Received an award of "$100 million Export Tower" (2005)
- Warren BuffettWarren BuffettWarren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
visited TaeguTec (2007-10-25) - Received an award of "$200 million Export Tower" (2008)
- Warren BuffettWarren BuffettWarren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
attended TaeguTec Plant 2 inauguration ceremony (2011-03-21)
See also
- International Metalworking CompaniesInternational Metalworking CompaniesIMC International Metalworking Companies B.V. is one of the world's largest holding companies for metalworking products. As part of Berkshire Hathaway, IMC operates Iscar, TaeguTec, Tungaloy, Ingersoll and more in over 50 countries. IMC member companies have secured management control over...
- Warren BuffettWarren BuffettWarren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
- Berkshire HathawayBerkshire HathawayBerkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...