Vice President Park Young-shik of KDB Daewoo Engineering and Construction Co. has tentatively been promoted to president to take over from former president Seo Jong-uk who resigned recently, the company announced.
His experiences in many areas of the construction company’s operations, including finance, planning, and strategy, were known to have been a key to his promotion at a time when the Korea Development Bank (KDB) is about to sell its majority stake in the construction company, according to the President Recommendation Committee of KDB. The president-designee was also the chief of the Management Planning Office of the Kumho-Asiana Group when the group took over Daewoo Construction.
Daewoo Engineering & Construction Co. (Daewoo E&C) said on Feb. 13 that a consortium it formed with Toyo Engineering Corp. of Japan has won a $765 million order to build a fertilizer plant in Nigeria.
Under the contract struck with Indorama Eleme Fertilizer and Chemicals Ltd. the previous day, Daewoo E&C and its Japanese partner Toyo Engineering will build the fertilizer plant, capable of producing 2,300 tons of ammonia and 4,000 tons of urea per day, at Port Harcourt in southern Nigeria.
The South Korean builder holds a 37.7 percent stake ($289 million) in the Indorama Fertilizer Plant Project, while Toyo Engineering holds the remaining 62.3 percent.
Daewoo E&C has been leading the construction industry of Korea for the past 40 years since its birth in 1973 and has contributed to the nation’s economic development. The company has built diverse social infrastructure such as roads, railroad, bridges, harbors, and airports and have constructed eco-friendly residential and non-residential buildings to which superb designs and technologies are applied. It also constructed large-scale industrial facilities such as thermal, nuclear, and tidal power generation facilities as well as LNG tanks and has played a pivotal role in national growth both in name and reality.
Daewoo E&C provides supreme technologies and services in all business fields such as civil projects, construction, housing, and plants, based on superior construction results such as the GD Submerged Tunnel to which the world’s most advanced submerged tunnel method was applied; Nurimaru APEC House where the APEC Summit talks were held; the Wolsung Nuclear Power Plant, which was completed in the shortest construction period for a nuclear power complex ever in the world, for which the company’s technological prowess has been recognized worldwide; and the high-class premium Prugio apartments.
Based on its continuous efforts to develop technologies and the highest level of management outcomes, Daewoo E&C ranked first in the evaluation of construction capabilities selected by the Ministry of Land, Infrastructure, and Transport for three consecutive years from 2006 and established its position as the country’s supreme construction company, always doing its best to present all of its capabilities to take off as a leading company recognized worldwide.
In 2011, KDB, the country’s leading financial institution, became the major shareholder of the company.