Daewoo Electronics steps up cooperation with Turkish partner

By Lim Chang-won Posted : August 28, 2018, 09:18 Updated : August 28, 2018, 09:18

[Courtesy of Daewoo Electronics]


SEOUL -- Daewoo Electronics, a home electronics unit of South Korea's Dayou Group, bolstered strategic cooperation with its Turkish partner, Vestel, for the joint development of premium products targeting Europen consumers.

From 2015, Daewoo Electronics has sold small drum washing machines to Europe through Vestel. The South Korean company said Tuesday that cooperation would be strengthened in the production, design, research and development of TVs, dishwashers and refrigerators.

By 2020, Daewoo Electronics, which runs factories in South Korea and China, plans to double a lineup of products through cooperation with Vestel.

As South Korea's third-largest electronics company after Samsung and LG, Daewoo Electronics streamlined its structure after the cash-strapped company was acquired by Dayou in February. Dayou, a mid-size business group, has bolstered its electronics business since it acquired Winia in 2014. Dayou Winia is now known for the Dimchae line of kimchi refrigerators.

The group integrated sales networks and research centers of Daewoo Electronics and Dayou Winia for synergy. More than 70 percent of Daewoo Electronics' earnings came from overseas markets thanks to localization strategies like halal washing machines and refrigerators with locks.
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