TaeguTec Ltd. (), formerly known as

Korea Tungsten Company Korea Tungsten Company (KTC, was a major South Korean manufacturer of tungsten cutting tools, tungsten powder, and related metal-cutting products. It was the 28th-largest chaebol by asset with subsidiaries such as Korea Tungsten Construction and ...

, is a

multinational corporation A multinational corporation (MNC; also called a multinational enterprise (MNE), transnational enterprise (TNE), transnational corporation (TNC), international corporation, or stateless corporation, is a corporate organization that owns and cont ...

headquartered in

Daegu Daegu (; ), formerly spelled Taegu and officially Daegu Metropolitan City (), is a city in southeastern South Korea. It is the third-largest urban agglomeration in South Korea after Seoul and Busan; the fourth-largest List of provincial-level ci ...

, Korea. TaeguTec group has 26 overseas subsidiaries, over 130 distributors and 30 agents in 50 countries across Europe, Asia, Australia, and the

Americas The Americas, sometimes collectively called America, are a landmass comprising the totality of North America and South America.''Webster's New World College Dictionary'', 2010 by Wiley Publishing, Inc., Cleveland, Ohio. When viewed as a sing ...

. In addition to the initial 80 per cent stake purchased in 2006,

Warren Buffett Warren Edward Buffett ( ; born August 30, 1930) is an American investor and philanthropist who currently serves as the chairman and CEO of the conglomerate holding company Berkshire Hathaway. As a result of his investment success, Buffett is ...

paid an additional US$2 billion for the remaining stake in IMC, of which TaeguTec was a part. Through this acquisition, TaeguTec became

Berkshire Hathaway Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...

's first and only wholly owned subsidiary in Korea. On October 25, 2007, Warren Buffett flew to

to tour TaeguTec and to meet with the management. On March 21, 2011, Warren Buffett re-visited the firm to attend the TaeguTec Plant 2

inauguration In government and politics, inauguration is the process of swearing a person into office and thus making that person the incumbent. Such an inauguration commonly occurs through a formal ceremony or special event, which may also include an inau ...

ceremony and later met with Korean President

Lee Myung-bak Lee Myung-bak (; born 19 December 1941), often referred to by his initials MB, is a South Korean businessman and politician who served as the tenth president of South Korea from 2008 to 2013. Before his presidency, he was the CEO of Hyundai Engi ...

History

Before 1960s

*Apr. 1916: Outcrop of Sang-dong mine discovered in Gangwon Province, South Korea *Feb. 1947: Exported Scheelite to the U.S. for the first time *Sep. 1952:

(KTC) was established by the Korean government **Export: US$16,457,000 (56% of Korean total) **Employee: 4,287 *May. 1959: Constructed chemical processing plant

1960s

*Jun. 1961: Established New York office *Sep. 1961: Established R&D Center *Nov. 1961: Established London office *Feb. 1963: Established Tokyo 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:

POSCO POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel manufacturer headquartered in Pohang, South Korea. It had an output of of crude steel in 2015, making it the List of steel producers, world's sixth-largest steelmaker by thi ...

established as a joint venture between the Korean government and KTC (government 75%; KTC 25%) *Nov. 1968: Won official commendation from government for export *Nov. 1969: Won official commendation from government for export

1970s

*Nov. 1972: Constructed APT (Ammonium Para Tungstate) plant *Feb. 1974: Constructed tungsten metal powder and tungsten carbide powder plant *Nov. 1976: Established

Rotterdam Rotterdam ( , ; ; ) is the second-largest List of cities in the Netherlands by province, city in the Netherlands after the national capital of Amsterdam. It is in the Provinces of the Netherlands, province of South Holland, part of the North S ...

office *Nov. 1977: Constructed cemented carbide plant **Products: Blank, carbide insert, mining tools, brazed tools *Oct. 1978: Constructed coating plant (CVD-TiN production) *Dec. 1979: Constructed tool holder plant

1980s

*Jan. 1981: Developed special coating substrate *May 1983: Rotterdam office in the Netherlands moved to Germany *Jul. 1985: Common R&D cooperation between Korea Tungsten 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 Keopyung Group *May. 1995: Established tungsten wire plant in China *Aug. 1998: KTC bought out by Iscar *Aug. 1998: Company name changed from Korea Tungsten Company to TaeguTec Ltd. *Feb. 1999: Headquarters moved from

Seoul Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...

Taegu Daegu (; ), formerly spelled Taegu and officially Daegu Metropolitan City (), is a city in southeastern South Korea. It is the third-largest urban agglomeration in South Korea after Seoul and Busan; the fourth-largest List of provincial-level ci ...

*Apr. 1999: Constructed new Marketing Center **1999: Established TaeguTec USA (currently Ingersoll USA) **1999: Established TaeguTec Germany (currently Ingersoll GmbH)

2000s

*Mar. 2000: Established TaeguTec India in

Bangalore Bengaluru, also known as Bangalore (List of renamed places in India#Karnataka, its official name until 1 November 2014), is the Capital city, capital and largest city of the southern States and union territories of India, Indian state of Kar ...

*Mar. 2000: Established TaeguTec UK in

Leeds Leeds is a city in West Yorkshire, England. It is the largest settlement in Yorkshire and the administrative centre of the City of Leeds Metropolitan Borough, which is the second most populous district in the United Kingdom. It is built aro ...

*Jul. 2000: Constructed new R&D Center *Dec. 2000: Established TaeguTec China in

Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...

*Mar. 2001: Established TaeguTec Brazil in

São Paulo São Paulo (; ; Portuguese for 'Paul the Apostle, Saint Paul') is the capital of the São Paulo (state), state of São Paulo, as well as the List of cities in Brazil by population, most populous city in Brazil, the List of largest cities in the ...

*Jun. 2001: Established TaeguTec Scandinavia in

Copenhagen Copenhagen ( ) is the capital and most populous city of Denmark, with a population of 1.4 million in the Urban area of Copenhagen, urban area. The city is situated on the islands of Zealand and Amager, separated from Malmö, Sweden, by the ...

, Denmark *Jun. 2002: Established TaeguTec Italy in

Turin Turin ( , ; ; , then ) 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 from 1861 to 1865. The city is main ...

Milan Milan ( , , ; ) is a city in northern Italy, regional capital of Lombardy, the largest city in Italy by urban area and the List of cities in Italy, second-most-populous city proper in Italy after Rome. The city proper has a population of nea ...

*Jun. 2004: Established TaeguTec Japan in

Nagoya is the largest city in the Chūbu region of Japan. It is the list of cities in Japan, fourth-most populous city in Japan, with a population of 2.3million in 2020, and the principal city of the Chūkyō metropolitan area, which is the List of ...

*Jun. 2004: Constructed new Tech Center and Carbide Rod factory *Jun. 2005: Established TaeguTec Australia in

Sydney Sydney is the capital city of the States and territories of Australia, state of New South Wales and the List of cities in Australia by population, most populous city in Australia. Located on Australia's east coast, the metropolis surrounds Syd ...

*Oct. 2005: Established TaeguTec Turkey in

Istanbul Istanbul is the List of largest cities and towns in Turkey, largest city in Turkey, constituting the country's economic, cultural, and historical heart. With Demographics of Istanbul, a population over , it is home to 18% of the Demographics ...

*Mar. 2006: Established TaeguTec Slovakia in

Žilina Žilina (; ; ; ; Names of European cities in different languages: U-Z#Z, 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 List of cities ...

*Apr. 2006: Established TaeguTec Malaysia in

Kuala Lumpur Kuala Lumpur (KL), officially the Federal Territory of Kuala Lumpur, is the capital city and a Federal Territories of Malaysia, federal territory of Malaysia. It is the largest city in the country, covering an area of with a census population ...

*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 estim ...

*Feb. 2007: Established TaeguTec Spain in

Barcelona Barcelona ( ; ; ) is a city on the northeastern coast of 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 c ...

*Mar. 2007: Established TaeguTec France in

Champs-sur-Marne Champs-sur-Marne () is a Communes of France, commune in the eastern outer suburbs of Paris, France. It is located from the Kilometre zero, centre of Paris, on the left bank of the Marne (river), Marne, in the Seine-et-Marne Departments of France, ...

*Jul. 2007: Established TaeguTec Indonesia in

Bekasi Bekasi (, ) is the List of regencies and cities of Indonesia, city with the largest population in the province of West Java, Indonesia, located on the eastern border of Jakarta. It serves as a commuter town, commuter city within the Jakarta m ...

*Nov. 2007: Established TaeguTec Poland in

Wrocław Wrocław is a city in southwestern Poland, and the capital of the Lower Silesian Voivodeship. It is the largest city and historical capital of the region of Silesia. It lies on the banks of the Oder River in the Silesian Lowlands of Central Eu ...

*Apr. 2008: Established TaeguTec Russia in

Moscow Moscow is the Capital city, capital and List of cities and towns in Russia by population, largest city of Russia, standing on the Moskva (river), Moskva River in Central Russia. It has a population estimated at over 13 million residents with ...

*Apr. 2008: Established TaeguTec Ukraine in

Dnipropetrovsk Dnipro 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 River, Dnipro River, from which it takes its name. Dnipro is t ...

*Jun. 2009: Established TaeguTec South Africa in

Johannesburg Johannesburg ( , , ; Zulu language, Zulu and Xhosa language, Xhosa: eGoli ) (colloquially known as Jozi, Joburg, Jo'burg or "The City of Gold") is the most populous city in South Africa. With 5,538,596 people in the City of Johannesburg alon ...

*Sep. 2009: Established TaeguTec Czech in

Plzeň Plzeň (), also known in English and German as Pilsen (), is a city in the Czech Republic. It is the Statutory city (Czech Republic), fourth most populous city in the Czech Republic with about 188,000 inhabitants. It is located about west of P ...

*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 Hung ...

*Nov. 2010: Established TaeguTec Argentina in

Buenos Aires Buenos Aires, controlled by the government of the Autonomous City of Buenos Aires, is the Capital city, capital and largest city of Argentina. It is located on the southwest of the Río de la Plata. Buenos Aires is classified as an Alpha− glob ...

*Apr. 2012: Opened TaeguTec Plant II *May 2012: TaeguTec acquired the internationally recognized AEO certification from the World Customs Organization *Dec. 2012: TaeguTec received “$300 million Export Tower” by the Korean government *Jan. 2013: TaeguTec Recognized for Wellbeing of Workers by the Korean government *Jan. 2013: 2012 Excellent Enterprises in Job Creation (MOEL) by the Korean government *May 2013: Berkshire Hathaway acquired the remaining 20 percent of the IMC Group to become sole owner *Mar. 2014: Established TaeguTec Taiwan in Kaohsiung

Awards and events

*Received a "$100 million Export Tower" award (2005) *

visited TaeguTec (2007) *Received a "$200 million Export Tower" award (2008)TaeguTec received '$200 million Export Tower', TaeguTec, Dec 11, 2008
/ref> *

attended TaeguTec Plant 2 inauguration ceremony (2011)

References

External links

* {{Berkshire Hathaway South Korean brands Companies based in Daegu Manufacturing companies established in 1952 Companies of South Korea Manufacturing companies of South Korea Multinational companies Berkshire Hathaway 1952 establishments in South Korea