Daeojeonggong (CEO Hong Seong-jo) moved its Hwaseong factory to Eumseong, Chungcheongbuk-do in May. The Eumseong factory, which is about three times the size of the existing Hwaseong factory, is divided into three buildings and houses an electrical workshop, a dormitory, and a fabrication shop. In addition, one more fabrication shop will be added when permission is granted for the remaining 1,000 pyeong of the factory site in the middle of this month.

Hong Seong-jo explained that the move was made to reduce the proportion of hoist rental business, which was the backbone of the existing business, and increase the proportion of specialty lifts with high unit costs.

Currently, Daeojeongong, which has about 500 hoists available for rental, was booming a few years ago, with about 85% of the total number of hoists rented annually, but the rental rate is currently in the 50-60% range due to the economic downturn. According to the company, it plans to bolster its sales revenue by increasing the proportion of its manufacturing business, such as specialty lifts with high unit costs, rather than rental business.

Daeojungong, which already manufactures most of its products to order, is highly trusted by its customers because it customizes its products to meet their needs.

The company, which is currently involved in most of Korea's major projects such as power plants, steel mills, bridges, and shipyards, has long since set its sights on overseas markets, generating about 20 percent of its sales overseas. In Vietnam, the company manufactures its own products, and in the Middle East markets of Dubai, Saudi Arabia, and the UAE, the company has made a name for itself by partnering with construction companies.

Mr. Hong said that now is the right time to target overseas markets as domestic construction companies are actively promoting plant projects in the Middle East. In addition, LNG and power plants are on the rise in the domestic market, so the number of places looking for Daeojeonggong's products will continue to increase. Mr. Hong aims to achieve 100 billion won in annual sales by 2020.

Recently, the company has also entered the gondola business. In January this year, the company signed an agent contract with Coxgomil, an Australian gondola company specializing in gondolas, and plans to challenge the high-rise market in the future. Coxgomil's products, which are based on BMU (Building Maintenance Unit) gondolas, have participated in the construction of most of the world's skyscrapers, including the Buzz Dubai site.

In Korea, there are also rumors that Cox Gomil's products are likely to be applied to the Lotte Super Tower under construction in Jamsil. Daeojeonggong plans to capitalize on the high-rise craze in Korea with Cox Gomil.

"Cox Gomil's products are one of the most sought-after products at high-rise construction sites, but given that the recent high-rise buildings are attracting attention to businesses such as cleaning the exterior walls of buildings, we will focus on the building maintenance business," Hong said.

Meanwhile, Daeojeonggong said it plans to focus on specialty elevators in the elevator sector, having won an order for four explosion-proof elevators from POSCO last year. Special elevators are characterized by a low demand but a unit price that is three to four times higher than that of conventional passenger elevators.