1. Establishment of POONGSUNG Ind. (1948)

(1) The sign of the growth of Korean automotive industry and POONGSUNG Ind.

In October 1948, one young man was convinced that the automobile industry would undoubtedly grow significantly in the future. He started “Gyeong Seong Trading Company” in Seongsu-dong, Seoul, and began importing and selling car supplies from Japan. However, less than two years later, the Korean War broke out, and business became difficult.

After the war ended, the young man, who was fortunate enough to maintain his business and not lose his aspiration, changed his company name to “POONGSUNG Ind.” and embarked on the challenge of fulfilling his dream to “one day directly produce car supplies domestically.” This young man was Chairman Hwang Gyu Sam, the founder of the enterprise that was the basis for DENSO Korea.

In the 1950s, POONGSUNG Ind. imported diesel engines from Japan and promoted antifreeze and electrical equipment for cars, helping to spawn the Korean automotive industry. In addition to automotive electrical equipment, the company imported and sold refrigerators, telephones, and other electrical telecommunication equipment.

Meanwhile, NIPPONDENSO (now DENSO) was established in December 1949 after separating from Toyota Motor Co., Ltd. (now Toyota Motor Corporation), and in 1969, it formed a special relationship with POONGSUNG Ind. as its main business partner through technical cooperation.