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 assetMajor 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,

. 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,

*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

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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

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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

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 -

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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

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*Mar. 2001: Established TaeguTec Brazil in

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*Jun. 2001: Established TaeguTec Scandinavia in

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*Jun. 2002: Established TaeguTec UK in

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*Jun. 2002: Established TaeguTec Italy in

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*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

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*Mar. 2006: Established TaeguTec Slovakia in

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*Apr. 2006: Established TaeguTec Malaysia in

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*Jan. 2007: Established TaeguTec Thailand in

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*Feb. 2007: Established TaeguTec Spain in

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*Mar. 2007: Established TaeguTec France in

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*Jul. 2007: Established TaeguTec Indonesia in

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*Nov. 2007: Established TaeguTec Poland in Wroclaw *Apr. 2008: Established TaeguTec Russia in

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*Apr. 2008: Established TaeguTec Ukraine in

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*Jun. 2009: Established TaeguTec South Africa in

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*Sep. 2009: Established TaeguTec Czech in Pilsen *Nov. 2009: Established TaeguTec Hungary in

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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