'Jungheung Prugio' Not Available... Jungheung Construction Says "No Brand Integration Even After Acquiring Daewoo Construction"

Dissipating Concerns Over Brand Integration: "Each Will Strengthen Its Competitiveness"

Jungheung Construction announced on the 8th that "even if Daewoo Construction is acquired, the housing brands of both companies will be operated separately."

This was to clarify concerns that Daewoo Construction's housing brand 'Prugio' and Jungheung Construction's 'Jungheung S-Class' might be merged following Jungheung Construction's selection as the preferred bidder for acquiring Daewoo Construction.

Since the housing brands of both Jungheung Construction and Daewoo Construction have different strengths and characters, Jungheung Construction plans to proceed with the housing business by enhancing the competitiveness of each brand separately.

A Jungheung Group official stated, "Jungheung Group is exploring ways for mutual growth of both companies after acquiring Daewoo Construction," adding, "All employees of Daewoo Construction and Jungheung Group will become a construction company that can take great pride in this acquisition."

Additionally, the Jungheung Group official added, "We will guarantee employment stability and management autonomy to the greatest extent possible so that Daewoo Construction employees can fully demonstrate their capabilities."

Earlier, on the 5th, KDB Investment (KDBI, holding 50.75%), the largest shareholder of Daewoo Construction, announced that Jungheung Construction was designated as the preferred bidder for the sale.

This content was produced with the assistance of AI translation services.