1. Establishment of POONGSUNG Ind. (1948)

(3) Selection of designated export producers

In June 1962, POONGSUNG Ind. joined in technical cooperation with Japan’s Rin Kagaku Kogyo to localize production of special oils, such as brake oil and antifreeze, previously dependent only on imports, and built South Korea’s first production plant equipped with the latest equipment for special automotive oils.

In addition, in 1964, POONGSUNG Ind., switching from the trade industry (imports) to the electric communication machinery manufacturing industry as its main business, successfully expanded the company by increasing capital once again, to 100 million won, by moving away from importation to direct production of not only automobile parts but also telephones, public telephone sets, and electric power meters.

In 1966, the company was selected as a designated export producer, something the government had been promoting since 1964 in order to cultivate small and medium-sized enterprises, and received support such as materials for the export market and facility financing.