TaeguTec

TaeguTec Ltd. (Korean: 대구텍), formerly known as Korea Tungsten Company, is a multinational corporation headquartered in Daegu, Korea. It is the largest cutting tools manufacturer in the Far East, also Korea's largest manufacturer of tungsten cutting tools and hard metal tools with the only integrated tungsten production plant in the world. TaeguTec group has 26 overseas subsidiaries and over 130 distributors and 30 agents in 50 countries across Europe, Asia, Australia, and the American countries. Considered as the world's oldest manufacturer of tungsten and related products, the group has earned reputation for its excellent global marketing and large production capacity worldwide. In addition to the initial 80 per cent stake purchased in 2006, Warren Buffett paid additional 2 billion dollars for the remaining stake in IMC, of which TaeguTec was a part. Through this acquisition, TaeguTec became Berkshire Hathaway's first and only wholly owned subsidiary in Korea. On October 25, 2007, Warren Buffett flew to Daegu to tour TaeguTec and to meet with the management. On March 21, 2011, Warren Buffett re-visited the firm to attend TaeguTec Plant 2 inauguration ceremony and later met with Korean President Lee Myung-bak.