[THE INVESTOR] Dongbu Daewoo Electronics has changed its name to Daewoo Electronics, corporate sources said on Feb. 20.

The moves comes as Dayou Group, the midsized Korean conglomerate that owns the electronics firm, seeks to increase its market presence globally.

Daewoo Electronics was set up as an affiliate of the now defunct Daewoo Group in 1974. It rose with the fortunes of its parent group before going bankrupt in 2006 with the dissolution of the conglomerate.

“Daewoo Electronics and Dayou Winia will be used in the local market, while Winia Daewoo will be used abroad,” a company insider said.

He pointed out that the Daewoo name enjoys recognition in many countries, particularly in Southeast Asia.

The group also acquired home appliance maker Dayou Winia, known for its Dimchae kimchi refrigerator, in 2014.

The group’s annual sales are forecast to reach 4.5 trillion won (US$4 billion), with its electronics arm forecast to become the No. 3 home appliance maker in Korea after Samsung Electronics and LG Electronics.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)