Daewoo ("Dae" Hangul: 대. Korean for "Great" and "Woo" Hangul: 우. Korean the first name of founder and chairman Kim Woo-jung) or the Daewoo Group was a major South Korean chaebol (conglomerate).It was founded on 22 March 1967 as Daewoo Industrial and was dismantled by the Korean government in 1999. Prior to the Asian financial crisis, Daewoo was the second largest conglomerate in Korea after Hyundai Group, followed by LG Group and Samsung.