Entekhab Personnel: Daewoo Integration Has Begun
Nov 15, 2010
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Personnel from Entekhab Industrial Group, the Iranian company reported to have acquired Daewoo Electronics, are confirming that they have now begun the process of bringing Daewoo into the Entekhab corporate structure. "Now we are the owner of Daewoo," stated Entekhab in web site directory listings. The acquisition of Daewoo makes Entekhab one of the world's biggest appliance makers.
Appliance OEM Daewoo Electronics Corp. was once a part of South Korea's Daewoo Group, which went bankrupt in 1999. Daewoo Electronics has been owned by former creditors ever since.
Daewoo is considered to be the third-largest South Korean electronics/appliance firm (after LG and Samsung). It now focuses on microwave ovens, washing machines, and refrigerators, after selling off four divisions making air-conditioners, floor care appliances, motors, and TVs in 2009.
It had been reported in March 2010 by Woori Bank, one of several creditors with ownership in Daewoo, that Sweden's Electrolux and Iran's Entekhab had been selected as the preferred bidders for Daewoo. Several media in August said the winning bidder was Entekhab.
In the last several days, reports from AFP and other said the papers were signed and Daewoo had been acquired by Entekhab for $518 million, but official confirmation from Entekhab or Daewoo has not yet emerged.
Korea imposed new trade sanctions against Iran on Sept. 8, 2010, although these did not ban all trade between Korea and Iran.
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