Have any of you living in Korea ever heard of a construction company called Daewoo Engineering & Construction? When you pass by a construction site in the city, you can see more Daewoo E&C construction sites than you might think. In particular, those studying architecture or civil engineering-related majors are likely to be familiar with Daewoo E&C.
As architecture or civil engineering majors who have had internship experience know, many students in Korea do internships before graduation. At this time, Daewoo Engineering & Construction is known as one of the representative internship companies that many students choose. In particular, Daewoo Engineering & Construction has various construction sites not only in Korea but also overseas, so you have the opportunity to enjoy overseas travel while interning. For this reason, many students find their internship experience at Daewoo Engineering & Construction very satisfactory.
However, we believe that foreign friends may not know much about Daewoo Engineering & Construction. Did you know that Daewoo Engineering & Construction is one of the important construction companies in mainland Korea and plays a big role in Korean society as a whole? Therefore, this time, we would like to learn more about Daewoo Engineering & Construction and introduce it to you.
Introduction to Daewoo Engineering & Construction
Daewoo Engineering & Construction is a leading construction company in Korea, founded in 1973. It is currently listed on KOSPI as an affiliate of Jungheung Group. We are engaged in a variety of business areas, including civil engineering, plant, architecture, housing, and development, and have an apartment brand called Prugio.
Daewoo Engineering & Construction has left behind many construction works at home and abroad. Domestically, there are Wolseong Nuclear Power Plant Units 3 and 4, Dongjak Bridge, Nurimaru, Geoga Bridge, and Sihwa Lake Tidal Power Plant, and overseas, there are Pakistan Expressway, Libya General Hospital, Malaysia Telecom Building, and Laos Howey Lake Dam. Daewoo Engineering & Construction ranked 5th in the 2021 construction capability evaluation with a construction capability evaluation of KRW 8.729 trillion for civil engineering and construction projects.
In addition, we were the first in the construction industry to obtain ISO 9000s quality certification and have won numerous awards, including the Occupational Safety and Health Award and the Construction Management Award. Daewoo E&C renewed its self-developed ‘specialized floor plan’ to apply to the apartment expansion-type remodeling project and introduced a household separation floor plan.
History of Daewoo Engineering & Construction
Source: Daewoo E&C sale failed... ‘overseas business’ was its strength again (hankookilbo.com)
Daewoo Engineering & Construction entered the construction industry in 1973 when Daewoo Industrial acquired Youngjin Construction. This is considered the founding year.
In 1974, the company changed its name to Daewoo Development Co., Ltd., and in 1975, construction began on Daewoo Center, the largest office building in Korea. In 1976, we acquired an overseas construction license and received our first overseas construction contract in Ecuador, South America.
In 1977, we entered Africa for the first time in Korea by winning an order to build a guesthouse in Sudan, and at the same time, we also entered Libya for the first time in Korea. Construction of Dongjak Bridge and Okpo Shipyard began in 1978, and the Sudan Tire Plant was completed in 1980.
In 1981, we won orders for Ulsan Power Plant Units 4, 5, and 6 and the 88 Olympic Expressway, and in 1982, we merged with Daewoo Industrial and launched Daewoo Co., Ltd. In 1983, we established a construction technology research center and expanded into Nigeria, Malaysia, and Iran.
In 1984, the company received the 4 billion dollar overseas construction export award and completed the construction of the National Museum of Modern and Contemporary Art and the Seoul Hilton Hotel. In 1985, we completed the construction of an 8,000-unit apartment complex in Singapore and entered into Botswana and Indonesia.
In 1986, we won the Ministry of Construction's Civil Engineering Department's Excellent Construction Company Award and the Public Procurement Service's Procurement Cooperation Award, and in 1987, we entered the Ivory Coast market. In 1988, we entered the United States, Cameroon, the Republic of China, and Japan, and in 1989, we entered Bangladesh.
In 1990, we joined the Japan Construction Companies Association and acquired the American ASME certificate. In 1991, we completed the construction of Ohori City Club in Japan and won orders for the Saemangeum reclamation project and the Pakistan highway construction project. In 1992, we participated in the Gyeongbu High-Speed Rail Project and completed the Seoincheon Combined Cycle Power Plant.
In 1993, we obtained ISO 9000s quality certification for the first time in the construction industry, and won an order for the construction of the Howei Lake Dam in Laos using the BOT method. In 1994, the first phase of the Construction Technology Research Institute was completed and won the Construction Management Award. In 1995, we won a road construction contract in Ghana and signed a contract to build a business center in Shanghai, China.
In 1996, Canal City Hakada in Fukuoka, Japan was completed and an order was received for the Bosowa plant in Indonesia. In 1997, we received orders for the second phase of Plaza Rakyat in Malaysia and the Daewoo Center in Shanghai. In 1998, the Ulsan 2nd Combined Cycle Power Plant was completed, and construction of a light water reactor project in North Korea began.
In 1999, when the Daewoo Group went through workouts, Daewoo Co., Ltd. was split into three companies: Daewoo Engineering & Construction, a construction division, and Daewoo Co., Ltd. and Daewoo International, a trading division. In 2003, Korea Asset Management Corporation acquired it and launched an apartment brand called Prugio.
It was acquired by Kumho Asiana Group in 2006, and by Korea Development Bank in 2010. In 2021, Jungheung Construction took over.
social role
Daewoo E&C is carrying out various social contribution activities to fulfill its social responsibilities as a construction company. For example, since 2019, Daewoo Engineering & Construction has been sponsoring a total of $500,000 over three years with UNICEF to build a children's education center in the Bisra al-Faw region of Iraq. In addition, Daewoo E&C continues to share warmth with the underprivileged every year, such as through social welfare facilities, end-of-salary donations, and product donations. Daewoo E&C also realizes social value through volunteer activities in which executives and employees directly participate. For example, Daewoo E&C is carrying out volunteer activities such as renovating old houses, delivering briquettes, making kimchi, painting murals, and making baby shoes.
Source: [Realizing social value] Daewoo Engineering & Construction - Korea Daily (ikld.kr)
Daewoo E&C also maintains friendly relationships with countries that are established as its base markets and continues to engage in social contribution activities to fulfill its social responsibilities in the local community. For example, Daewoo E&C was selected as the preferred bidder for the construction of nuclear power plants in the Czech Republic and Poland in 2018, contributing to local environmental protection and job creation. In addition, Daewoo E&C is contributing to local energy independence and economic development by participating as a main contractor in the Nigeria LNG FEED Project.
