Korea Tungsten Company (KTC,
Korean
Korean may refer to:
People and culture
* Koreans, ethnic group originating in the Korean Peninsula
* Korean cuisine
* Korean culture
* Korean language
**Korean alphabet, known as Hangul or Chosŏn'gŭl
**Korean dialects and the Jeju language
** ...
: 대한중석, pronounced ''daehan jungsuk'',
Hanja
Hanja (Hangul: ; Hanja: , ), alternatively known as Hancha, are Chinese characters () used in the writing of Korean. Hanja was used as early as the Gojoseon period, the first ever Korean kingdom.
(, ) refers to Sino-Korean vocabulary, wh ...
: 大韓重石) was a major
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
n manufacturer of tungsten cutting tools, tungsten powder, and related metal-cutting products. It was the 28th-largest
chaebol
A chaebol (, ; ) is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group whose power over the group often exc ...
by asset
Major Makeover Powers Growth For TaeguTec - Invest Korea Journal
/ref> with subsidiaries such as Korea Tungsten Construction and Korea Sintered Metal. With the national government, KTC also established POSCO
POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel-making company headquartered in Pohang, South Korea. It had an output of of crude steel in 2015, making it the world's fourth-largest steelmaker by this measure. In 2010, i ...
, which is now the world's second largest steelmaker by output. In 1998, Keo-Pyung, then KTC's proprietor, defaulted on its loans and was declared bankrupt by its main creditor, CHB Bank
Chohung Bank Co., Ltd. (CHB; ) was a bank company headquartered in Seoul, South Korea. It is one of the oldest banks in Korea, having been established on February 1, 1897. Its first loan was against living donkey in same year. The bank was nation ...
. On May 12, 1998, Keo-Pyung announced that it would shed 14 of its 19 companies, Korea Tungsten among them. ISCAR
ISCAR Ltd. is an Israeli multinational metal cutting tools company affiliated with one of the world's largest metalworking conglomerates, the IMC Group (International Metalworking Companies). ISCAR and the IMC Group were acquired by Warren Buff ...
, the predecessor and now the largest arm of IMC, bought KTC after months of negotiations, and renamed it TaeguTec
TaeguTec Ltd. (Korean: 대구텍), formerly known as Korea Tungsten Company, is a multinational corporation headquartered in Daegu, Korea. It is the largest cutting tools manufacturer in the Far East, also Korea's largest manufacturer of tungste ...
. Today, TaeguTec group has become a global tooling and solutions giant with 25 overseas subsidiaries and over 130 distributors in 50 countries throughout the world.
History
The history of KTC dates back to April 1916, when the Sangdong Tungsten Mine was discovered in Gangwon Province, South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
. Ever since, the company had grown to be one of the most successful and influential companies in Korea, accounting for 60 per cent of the country's total export revenue in the 60s and 70s.
Before 1960s
*Apr. 1916: Outcrop of Sang-dong mine discovered in Gangwon Province, South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
*Feb. 1936: Established SOLIM Mining Co. Ltd.
*Feb. 1947: Export Scheelite to the USA for the first time
*Sep. 1952: Established Korea Tungsten Co. Ltd. (State Enterprise)
**Export: US$16,457,000 (56% of Korean Total)
**Employing: 4,287
*May. 1959: Constructed Chemical processing plant
1960s
*Jun. 1961: Established New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
Branch office
*Sep. 1961: Established R&D center
*Nov. 1961: Established London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
Branch office
*Feb. 1963: Established Tokyo
Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, with an estimated 37.468 ...
Branch office
*Nov. 1966: Won official commendation from government for export
**Ranked second among Korean companies
*Nov. 1967: Won official commendation from government for export
**Ranked third among Korean companies
*Feb. 1968: Established POSCO
POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel-making company headquartered in Pohang, South Korea. It had an output of of crude steel in 2015, making it the world's fourth-largest steelmaker by this measure. In 2010, i ...
with the National Government (Government 75%, Korea Tungsten Co. Ltd 25%)
*Nov. 1968: Won official commendation from government for export
*Nov. 1969: Won official commendation from government for export
1970s
*Nov. 1972: Constructed of APT (Ammonium Para Tungstate) plant
*Feb. 1974: Constructed Tungsten Metal Powder and Tungsten Carbide Powder plant
*Nov. 1976: Established Rotterdam Branch office
*Nov. 1977: Constructed Cemented carbide plant
**Products: Blank, Carbide insert, Mining tools, Brazed tools
*Oct. 1978: Constructed Coating plant (CVD-TiN production firstly)
*Dec. 1979: Constructed Tool holder plant
1980s
*Jan. 1981: Developed Special Coating Substrate
*May 1983: Rotterdam
Rotterdam ( , , , lit. ''The Dam on the River Rotte'') is the second largest city and municipality in the Netherlands. It is in the province of South Holland, part of the North Sea mouth of the Rhine–Meuse–Scheldt delta, via the ''"N ...
Branch office in Netherlands moved to Germany
*Jul. 1985: Common R&D cooperation between Korea Tungsten Co. Ltd. and POSCO
*Oct. 1985: Developed CERMET Inserts
*Nov. 1988: Constructed Carbide Roll plant
*Nov. 1989: Constructed Tungsten Wire plant
1990s
*Mar. 1991: Constructed Ceramic plant
*Feb. 1994: Sang-Dong Tungsten mine closed
*Mar. 1994: Privatized and taken over by Keo-Pyung Group in Korea
*May. 1995: Established Tungsten Wire plant in China
*Aug. 1998: Korea Tungsten Co. Ltd. bought out by Iscar
ISCAR Ltd. is an Israeli multinational metal cutting tools company affiliated with one of the world's largest metalworking conglomerates, the IMC Group (International Metalworking Companies). ISCAR and the IMC Group were acquired by Warren Buff ...
*Aug. 1998: Company name changed from Korea Tungsten Co. Ltd to TaeguTec Ltd.
Post-merger / TaeguTec era
*Feb. 1999: Headquarters moved to Daegu from Seoul
*Apr. 1999: Constructed new Marketing Center
**1999: Established TaeguTec USA (The present Ingersoll USA - Rockford)
**1999: Established TaeguTec Germany (The present Ingersoll Ingersoll may refer to:
People
*Ingersoll (surname)
*Ingersoll Lockwood (1841–1918), American lawyer and writer
Places Canada
* Ingersoll, Ontario
United States
* Ingersoll, Oklahoma
* Ingersoll, Wisconsin
* Ingersoll Township, Michigan
* ...
GMBH - Haiger
Haiger is a country town in the Lahn-Dill-Kreis in Hesse, Germany. The nearest city is Siegen, about 25 km north of Haiger.
Geography
Location
Haiger lies about 5 km west of Dillenburg, and 20 km southeast of Siegen on the eastern ...
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*Mar. 2000: Established TaeguTec cutting tools factory in India
*Jul. 2000: Constructed new R&D Center
*Dec. 2000: Established TaeguTec China in Shanghai
Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...
*Mar. 2001: Established TaeguTec Brazil in Sao Paulo
SAO or Sao may refer to:
Places
* Sao civilisation, in Middle Africa from 6th century BC to 16th century AD
* Sao, a town in Boussé Department, Burkina Faso
* Saco Transportation Center (station code SAO), a train station in Saco, Maine, U.S ...
*Jun. 2001: Established TaeguTec Scandinavia in Copenhagen
Copenhagen ( or .; da, København ) is the capital and most populous city of Denmark, with a proper population of around 815.000 in the last quarter of 2022; and some 1.370,000 in the urban area; and the wider Copenhagen metropolitan ar ...
, Denmark
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*Jun. 2002: Established TaeguTec UK in Leeds
Leeds () is a city and the administrative centre of the City of Leeds district in West Yorkshire, England. It is built around the River Aire and is in the eastern foothills of the Pennines. It is also the third-largest settlement (by populati ...
*Jun. 2002: Established TaeguTec Italy in Turin
Turin ( , Piedmontese language, Piedmontese: ; it, Torino ) is a city and an important business and cultural centre in Northern Italy. It is the capital city of Piedmont and of the Metropolitan City of Turin, and was the first Italian capital ...
& Milan
Milan ( , , Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 million, while its metropolitan city h ...
*Jun. 2004: Established TaeguTec Japan in Nagoya
is the largest city in the Chūbu region, the fourth-most populous city and third most populous urban area in Japan, with a population of 2.3million in 2020. Located on the Pacific coast in central Honshu, it is the capital and the most pop ...
*Jun. 2004: Constructed new Tech Center and Carbide Rod factory
*Jun. 2005: Established TaeguTec Australia in Sydney
Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountain ...
*Oct. 2005: Established TaeguTec Turkey in Istanbul
Istanbul ( , ; tr, İstanbul ), formerly known as Constantinople ( grc-gre, Κωνσταντινούπολις; la, Constantinopolis), is the List of largest cities and towns in Turkey, largest city in Turkey, serving as the country's economic, ...
*Mar. 2006: Established TaeguTec Slovakia in Žilina
Žilina (; hu, Zsolna, ; german: Sillein, or ; pl, Żylina , names in other languages) is a city in north-western Slovakia, around from the capital Bratislava, close to both the Czech and Polish borders. It is the fourth largest city of Sl ...
*Apr. 2006: Established TaeguTec Malaysia in Kuala Lumpur
, anthem = '' Maju dan Sejahtera''
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*Jan. 2007: Established TaeguTec Thailand in Bangkok
Bangkok, officially known in Thai language, Thai as Krung Thep Maha Nakhon and colloquially as Krung Thep, is the capital and most populous city of Thailand. The city occupies in the Chao Phraya River delta in central Thailand and has an estima ...
*Feb. 2007: Established TaeguTec Spain in Barcelona
Barcelona ( , , ) is a city on the coast of northeastern Spain. It is the capital and largest city of the autonomous community of Catalonia, as well as the second most populous municipality of Spain. With a population of 1.6 million within ci ...
*Mar. 2007: Established TaeguTec France in Champs-sur-Marne
Champs-sur-Marne () is a commune in the eastern suburbs of Paris, France. It is located from the center of Paris, in the Seine-et-Marne Departments of France in the Île-de-France region.
The commune of Champs-sur-Marne is part of the Val Maubu ...
*Jul. 2007: Established TaeguTec Indonesia in Bekasi
Bekasi (, su, ) is a city in West Java, Indonesia, located on the eastern border of Jakarta.the city of planet Bekasi is his nickname.It serves as a commuter city within the Jakarta metropolitan area. According to the 2020 Census by Statistics ...
*Nov. 2007: Established TaeguTec Poland in Wroclaw
*Apr. 2008: Established TaeguTec Russia in Moscow
Moscow ( , US chiefly ; rus, links=no, Москва, r=Moskva, p=mɐskˈva, a=Москва.ogg) is the capital and largest city of Russia. The city stands on the Moskva River in Central Russia, with a population estimated at 13.0 million ...
*Apr. 2008: Established TaeguTec Ukraine in Dnipro
Dnipro, previously called Dnipropetrovsk from 1926 until May 2016, is Ukraine's fourth-largest city, with about one million inhabitants. It is located in the eastern part of Ukraine, southeast of the Ukrainian capital Kyiv on the Dnieper Rive ...
*Jun. 2009: Established TaeguTec South Africa in Johannesburg
Johannesburg ( , , ; Zulu and xh, eGoli ), colloquially known as Jozi, Joburg, or "The City of Gold", is the largest city in South Africa, classified as a megacity, and is one of the 100 largest urban areas in the world. According to Demo ...
*Sep. 2009: Established TaeguTec Czech in Pilsen
*Nov. 2009: Established TaeguTec Hungary in Törökbálint
Törökbálint is a town in Pest county, Hungary. Törökbálint received town status on 1 July 2007.
The city also has a German name, ''Großturwall'', which originates from the times of the Swabian immigration after the Ottoman times of Hunga ...
See also
{{Portal, Companies
*TaeguTec
TaeguTec Ltd. (Korean: 대구텍), formerly known as Korea Tungsten Company, is a multinational corporation headquartered in Daegu, Korea. It is the largest cutting tools manufacturer in the Far East, also Korea's largest manufacturer of tungste ...
*Economy of South Korea
The economy of South Korea is a highly developed mixed economy. By nominal GDP, it has the 5th largest economy in Asia and the 13th largest in the world. South Korea is notable for its rapid economic development from an underdeveloped nati ...
* IMC
*Government of South Korea
The Government of South Korea is the union government of the Republic of Korea, created by the Constitution of South Korea as the executive, legislative and judicial authority of the republic. The president acts as the head of state and is th ...
* POSCO Group
References
External links
TaeguTec official website
Manufacturing companies established in 1916
South Korean brands
Chaebol
Companies disestablished in 1998
Defunct manufacturing companies of South Korea
Manufacturing companies based in Seoul