The headquarters of Dongbu Daewoo Electronics are located in a skyscraper on “Teheran-ro” (Tehran Street) in downtown Seoul, South Korea. The street is the address for so many of Korea’s leading industrial and technology companies that the area is called Tehran Valley, a nod to Silicon Valley. The street name dates back to 1977, when, in a gesture of friendship, Seoul’s city government proposed exchanging street names with Tehran, which counts Seoul Street among its main thoroughfares.
The connections to Iran run deeper for Dongbu Daewoo than for other companies which share the curious address. While their headquarters are currently located on Tehran Street, new owners may soon be calling from Tehran itself.
Iran’s Entekhab Industrial Group is reportedly poised to acquire majority ownership of Dongbu Daewoo, a manufacturer of appliances and consumer durables, beginning a new chapter in an already complicated saga.