Daewoo E&C 50th Anniversary... "The Challenge Toward 100 Years Begins"

Daewoo E&C held its ‘50th Anniversary Ceremony’ on the 1st, marking the start of its challenge to become a 100-year company through growth over the next 50 years.

Vice President Kim Bohyeon, President Baek Jeongwan, Union Chairman Shim Sangcheol

At the commemorative event held at the headquarters in Jung-gu, Seoul, Baek Jeong-wan, President of Daewoo E&C, said in his speech, “We are now on the verge of a leap that far exceeds our previous capabilities and limits to create a new world dreamed of by not only our customers but also our employees,” adding, “We must go beyond the 50 years built by our predecessors and fill new history with our own story where both customers and employees grow together and share happiness.” About 280 people, including employees, the employee labor-management council, and the labor union, attended the event.

Founded on November 1, 1973, Daewoo E&C has grown into a leading construction company representing South Korea by achieving remarkable results at the center of the country’s economic growth over the past 50 years. Despite hardships such as the 1998 financial crisis and multiple changes in major shareholders after becoming independent from the Daewoo Group in December 2000, Daewoo E&C has led the domestic and international construction industry and continues efforts for sustainable growth in various fields to become a 100-year company.

First, Daewoo E&C plans to continuously expand its overseas construction market. Building on strongholds in key markets such as Nigeria, Iraq, Vietnam, and Libya, it is expanding into various business areas while also pioneering new markets. Recently, participation as the lead construction consortium of Team Korea in new nuclear power projects in the Czech Republic and Poland has made entry into the European market more tangible. In particular, Chairman Jeong Won-ju of Daewoo E&C has taken it upon himself to act as a salesman, meeting consecutively with heads of state from countries including Nigeria, Vietnam, the Philippines, Turkmenistan, and Kenya since last year to expand the company’s order book.

Daewoo E&C is also continuing investments to secure future growth engines. It is the only construction company participating as the lead consortium in the first phase of the Ministry of Land, Infrastructure and Transport’s K-UAM Grand Challenge for entry into the UAM business. It is steadily investing and accumulating experience in renewable and eco-friendly energy sectors such as onshore and offshore wind power and small modular reactors (SMR). Additionally, in June, it jointly participated with Korea East-West Power in a public contest project to establish a hydrogen production base based on water electrolysis, hosted by H2 Korea under the Ministry of Trade, Industry and Energy, advancing domestic hydrogen business as well.

In his speech, President Baek urged, “Let us manifest the inherent DNA of Daewoo E&C employees who are not afraid of adventure, promote our excellent construction capabilities not only domestically but also overseas, and discover a second growth engine beyond construction to create a new dimension of Daewoo E&C over the next 50 years.”

Daewoo E&C expects that stabilizing its governance structure through incorporation into the Jungheung Group will be an important foundation for the challenges of the next 50 years. Since joining the group, Daewoo E&C achieved record-high operating profit in 2022 with annual sales of KRW 10.4192 trillion and operating profit of KRW 760 billion. Its debt ratio improved, decreasing from 199.1% at the end of last year to 176.6% by the third quarter of this year, proving the effect of structural improvement. Furthermore, with Chairman Jeong Won-ju’s philosophy on ESG management, the company is expanding donations and support domestically and internationally where help is needed, becoming a company that fulfills its social responsibilities.

A Daewoo E&C official stated, “The spirit of challenge that has overcome numerous difficulties and hardships over the past 50 years has become part of Daewoo E&C’s corporate culture,” adding, “Although uncertainty in the domestic and international construction environment is increasing, the voyage toward becoming a 100-year company has begun based on Daewoo E&C’s unique DNA that is strong in crises.”

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