According to Pulse by Maeil Business News Korea,

South Korea’s top agricultural machinery maker Daedong Industrial Co. will rebrand itself as “Daedong” for smart farming identity as it seeks to add robotics to its farming tools and equipment after achieving best results last year on strong sales in the United States.

The company disclosed on Monday that it registered a record-high operating income of 33.1 billion won ($29.2 million) on a consolidated basis in 2020, up 37.6 percent against a year-ago period. Its 2020 revenue also reached a record high of 895.7 billion won after a 7.3 percent on-year growth from the previous year.

The company sold more than 16,000 tractors and trucks in North America last year. Its sales in the region are expected to hit a fresh high this year, with pre-orders from dealers already having exceeded 10,000 units as of late last year.

The company is looking to shift its business focus to the smart mobility industry under a new corporate name "Daedong.” The rebranding was approved at a general shareholders’ meeting on Friday.

On Mar. 25, it rolled out remote-controlled tractor models in its new HX series.



By Ahn Byung-joon and Lee Soo-min

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Mar 30, 2021)