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Korean Machine Companies Received 100 Million Dollars in Orders

Sept 16,1998
Korean machine tool companies including Daewoo Heavy Industry and Hyundai Precision Ind. received 100 million dollars in orders from the US market in the International Machine Tool Show '98. Eleven Korean companies participated in this show held in Chicago, USA.
Daewoo received 50 million dollars in orders, three times that of 1996. A source at Daewoo said, 'We ranked fourth in orders following three big companies in Japan.' Daewoo has exported 1,200 units of machine tools to the US market. It is predicted to occupy a 7% share in the US market in 1998 and 10% in 2000.
Hyundai plans to change its main product from lathes to machining center. Hwachon Machinery, which exported 20 million dollars in goods to the US market in 1997, plans to export 30 million dollars worth of product. On other fronts, 4 companies including Daewoo, Hyundai, Kia, and Hwachon made a cooperation network to exchange information.



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