DASCO Co., Ltd., a trailblazer in the shipbuilding, marine, and industrial heat exchanger industries, has established itself as a leader with outstanding design and manufacturing capabilities. Recognized by the Ministry of SMEs and Startups as one of the top 10 "ultra-metropolitan leading companies" in 2024, DASCO exemplifies the innovative spirit and economic impact that local small and medium-sized enterprises can achieve. This designation highlights DASCO’s contributions to the regional economy and its pivotal role in supply chains that transcend city and provincial boundaries. Over its 30-year journey, DASCO has built a reputation for technological excellence, targeting niche markets to thrive in the competitive global manufacturing landscape. Chairman Lee Geun-young, the driving force behind DASCO's success, shared insights into the company’s achievements and vision for the future.
A Legacy of Technological Innovation
For Chairman Lee, 2023 was a landmark year. DASCO was named among the 1000+ Global Small Giant Companies, won the $10 Million Export Tower, and completed the expansion of a 2,600-pyeong second factory. These milestones, combined with participation in the 2023 KORMARINE Exhibition, have positioned DASCO for an ambitious target of 100 billion KRW in annual sales. The company is also focused on the development of an Energy Storage System (ESS) in collaboration with KAIST, addressing the challenges of renewable energy reliability and efficiency. Chairman Lee envisions ESS commercialization as a critical step in DASCO’s growth trajectory, alongside advancements in heat exchanger technology for eco-friendly applications.
Under Lee’s leadership, DASCO has prioritized research and development, achieving breakthroughs in collaboration with the Korea Register of Shipping and the Korea Shipbuilding & Marine Equipment Cryogenic Test Center (KOMERI). These efforts include developing explosion-proof electric radiators for shipbuilding and LNG heat exchangers. The company is also working on heat exchangers for liquid hydrogen plant compressors as part of a Ministry of Land, Infrastructure, and Transport project, as well as pursuing eco-friendly innovations through government-supported initiatives.
Steady Growth and Diversification
DASCO’s sales have shown consistent growth, increasing from 21 billion KRW in 2020 to 40.4 billion KRW in 2023, with expectations to reach 45 billion KRW in 2024. This success stems from strategic investments in overseas sales, customer and product diversification, and new product development. International environmental regulations have also opened new opportunities, prompting DASCO to explore secondary battery development and expand into untapped markets.
Chairman Lee attributes the company’s resilience and growth to its design capabilities, which have evolved alongside its manufacturing expertise. With exports comprising 40% of total sales, DASCO has expanded beyond Japan to establish significant footholds in Germany and the United States, while also advancing into developing markets. Remarkably, the company achieved a leap in sales from 25 billion KRW to 40 billion KRW without increasing staff, underscoring the value of its skilled workforce.
A Culture of Unity and Inclusivity
Chairman Lee emphasizes the importance of unity within DASCO. Relationships within the company are egalitarian, fostering a collaborative and supportive environment. Lee's leadership style is shaped by his own journey from the ground up, and he aspires to provide industry-leading benefits and opportunities for all employees. Notably, DASCO has no family succession plan, allowing rank-and-file employees to rise to executive or even presidential roles based on merit.
Lee also values his partnership with current President Lee Sang-gyu, who joined DASCO in 2009 when sales were under 6 billion KRW. Together, they have transformed the company into an industry leader, with President Lee playing a pivotal role in shaping its current success.
Preparing for Future Challenges
Looking ahead, Chairman Lee recognizes the challenges posed by the current manufacturing environment, including geopolitical tensions and decreased R&D funding. However, he remains committed to innovation, automation, and talent development. DASCO has also implemented ISO 45001 and ISO 14001 certifications to uphold safety, health, and environmental standards, while reinforcing partnerships with local communities and adhering to ethical business practices.
Although listing on the stock market is not currently planned, DASCO continues to invest in proprietary testing capabilities and diversification efforts, particularly in secondary battery and ship heat exchanger markets. Lee anticipates a surge in orders once global conflicts, such as the wars in Ukraine and Israel, subside.
A Message of Gratitude and Hope
Chairman Lee expressed his gratitude to DASCO’s executives and employees for their dedication during challenging times, including the lingering impacts of COVID-19 and global economic instability. He urged the team to focus on developing technologies that maintain a competitive edge, ensuring continued success in 2024 and beyond.
A Bright Future for DASCO
With its strong technological foundation and strategic vision, DASCO is poised for further growth. By combining innovation, unity, and untapped market opportunities, the company is set to become Korea’s leading heat exchanger manufacturer and a prominent player on the global stage.
Media Contact
Company Name: DASCO
Contact Person: Lee Geun Young
Email: Send Email
Phone: +82-51-973-4895
Address:33, Noksansandan 17-ro 78beon-gil, Gangseo-gu
City: Busan
Country: Korea
Website: www.dascohex.com
