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Agriculture

Daedong rebrands with name change, posts record earnings

Mar 30, 2021 (Gmt+09:00)

Daedong's new corporate logo
Daedong's new corporate logo


South Korea’s top farm machinery maker Daedong Corporation has changed its name from Daedong Industrial Co. to strengthen its brand identity as a future-oriented, smart agriculture company.

Daedong said that it received shareholder approval for corporate name change at the general shareholders’ meeting held on Mar. 26.

The company will continue using “Daedong”, the number one brand name in the industry, but has omitted “Industrial” as a shift away from pure manufacturing towards a more holistic approach to future agriculture.

Smart machinery, smart mobility and smart farm will be its three key pillars of future growth, according to the company spokesman.

The smart machinery business will center around developing autonomous farm machinery, such as its recently launched HX series, and agricultural robots.

Daedong will showcase a more advanced autonomous tractor at the end of this year, one that can design its own work route and can make turns instead of moving in straight lines only.

Daedong Connect, the company’s smartphone-based management system that can remotely control its tractors, targets to offer precision farming solutions based on crop growth data and overall progress results of farm work.

A specific roadmap for smart mobility and smart farm segments was also shared at the annual general meeting and has received approval accordingly.

The company’s smart mobility business will offer new modes of transport in agriculture, whereas its smart farm business will utilize precision farming techniques to manage unmanned urban farms.  

2020 EARNINGS RESULT

Daedong at the annual shareholders’ meeting has reported the highest revenue and profit figures for 2020 since its establishment in 1947. The revenue marked 895.7 billion won ($790 million), up 7.3% from 2019 and its profit recorded 33.1 billion ($29.2 million), up 37.6%.

A company official explained that the rapid growth was largely driven by its expansion in the US market, the launch of autonomous tractors in the domestic market as well as the digital transformation of its management system.

“Daedong last year could achieve the greatest result in the company’s history and set up a long-term vision on agriculture despite the pandemic. 2021 will be the first year of our future agriculture business as the company is ready to create tangible results in smart machinery, smart mobility and smart farm segments for sustainable growth,” said Daedong CEO Won Yu-Hyun.  

Write to Ki-Yeol Seo at philos@hankyung.com

Daniel Cho edited this article.

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