South Korean appliance maker Dongbu Daewoo Electronics is expanding its cooperation with Chinese home appliance producer Galanz.
In 2013 Galanz helped launch Daewoo products in the Chinese air-conditioning market. Daewoo hopes to expand the partnership into washing machines and refrigerators.
"If Dongbu's strength in product technology and global network is combined with Galanz's home appliance manufacturing prowess, we could continue to grow despite the global recession," said Lee Jae-Hyung, vice chairman of Dongbu Daewoo.
Daewoo Electronics Corp. was once a part of Daewoo Group, which collapsed in a $80 billion bankruptcy in 1999. Daewoo Electronics was owned by former creditors until being acquired by South Korean conglomerate Dongbu Group in early 2013.
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