Rencol appoints Daeryuk Corporation as its Korean agent

Commenting on the appointment, Alan Holcombe, Sales and Marketing Director at Rencol, says: "South Korea has many well known manufacturers in the automotive, domestic appliance and hard disk drive (HDD) markets. The market is very sophisticated and is similar to a Western market where the value of a high-quality product and, particularly, the benefits of the tolerance ring are appreciated."

Rencol had been handling its business in South Korea through its Singapore office but recognised the need to build on the success it had achieved in the country through direct representation. Daeryuk was introduced to Rencol through the OMIS (Overseas Market Introductory Service), which, working with the British Embassy in Korea, produced a short list of four possible agents.

The main reasons for Daeryuk's appointment were the fact that it offers a broad range of coverage and is familiar with the role of an agent working with overseas partners. The company is well-established and can boast names such as Hyundai, KIA and Daewoo amongst its existing customers.

When announcing the appointment, Alan Holcombe stated: "We are really looking forward to working with Daeryuk, as we have a similar company culture to them and are impressed with both their professionalism and their ambition. The process of appointing a Korean agent has taken eight months but the negotiations were fun and conducted in a friendly manner."