As the free trade agreement between Korea and the United States has gone into effect and Korea’s economy heavily relies on overseas exports, the future of the economy depends by and large on the companies’ competiveness on the global stage.

In order to survive and prevail in the fiercely competitive global market, Korea’s small- and medium-sized companies, especially, are compelled to set strategies for developing innovative technologies and acquiring intellectual properties and patents.

TaeguTec is an exemplary company that has prepared for a global economy with no boundaries. After it was acquired by the IMC Group in 1998, TaeguTec completely changed its management system into a highly efficient one.

Since then, TaeguTec has dedicated itself to making investments in research and development to raise international competitiveness in the cutting tool manufacturing area. The R&D team at TaeguTec has always aimed to create global No. 1 products right from the designing process. The company has also focused on the global marketing activities through IMC Group’s international network, turning it into a global exporter to over 50 countries.

TaeguTec has also recently introduced a high-performance production line in its Plant No. 2, to prepare for the rising demand after the full implementation of the U.S.-Korea FTA. On April 2 in Daegu, TaeguTec held a building completion ceremony of its Plant No. 2 that the multi-billionaire investor Warren Buffet invested. At the ceremony, more than 600 customers and partners from overseas were present to prove the heightened interest in the company’s present and future outlook in the industry.

TaeguTec’s flagship items include the following: GOLDRU.S.H, the premium range of carbide grades with special coating and post-treatment technology; TURNRU.S.H, the new innovative double-sided insert; QUADRU.S.H, the four-edged grooving solution; DRILLRU.S.H, the head-changeable drill with its premium gold coating; and MILLRU.S.H, the new innovative and unique high-helical three-edge insert.

Moshe Sharon, the president of TaeguTec, said at the building completion ceremony, “With the completion of our Plant No. 2, we are now able to provide a wider range of products with greater productivity to our global customers.” Jacob Harpaz, the president and CEO of the IMC group also added, “TaeguTec will continue to create new markets by expanding its distribution network with its aim to be the best global brand in the cutting tool industry.”

Adrian Han (press@whowired.com)