April 15, 2009 - 9:26am
South Korean Daewoo Electronics Corp announced it would be picking potential buyers for its TV, air conditioner, vacuum cleaner and electronics businesses by April 22, in line with its restructuring to focus on appliances.
CEO Lee Sung did not disclose the potential bidders, but he said there was one foreign investor among those who submitted letters. The businesses on sales can be purchased separately or as a package.
Lee continued by saying Daewoo would focus on production of such key products as refrigerators, washing machines and microwave ovens, which are expected to bring 1.2 trillion won ($896.5 million) in sales and about 30 billion won in operating profit in 2009.
It should be reminded that Daewoo had showed 3.2 billion won in operating profit and 1.9 trillion won in sales. The company that was placed under a debt rescheduling program after its parent Daewoo group went bankrupt in 1999, generates more than 80 percent of its sales abroad.
It has been revealed that in earlier attempts to sell Daewoo, creditors mostly held talks with foreign companies.
CEO Lee Sung did not disclose the potential bidders, but he said there was one foreign investor among those who submitted letters. The businesses on sales can be purchased separately or as a package.
Lee continued by saying Daewoo would focus on production of such key products as refrigerators, washing machines and microwave ovens, which are expected to bring 1.2 trillion won ($896.5 million) in sales and about 30 billion won in operating profit in 2009.
It should be reminded that Daewoo had showed 3.2 billion won in operating profit and 1.9 trillion won in sales. The company that was placed under a debt rescheduling program after its parent Daewoo group went bankrupt in 1999, generates more than 80 percent of its sales abroad.
It has been revealed that in earlier attempts to sell Daewoo, creditors mostly held talks with foreign companies.