Daewoo Precision Industrial Co., was established as a precision defence equipment manufacturer in 1981 but since 1986 has become a major automotive parts manufacturer for Daewoo motor industry. Manufacture of automotive parts accounted for 45% of 1998 unconsolidated revenues; wholesale distribution of auto parts, 41%; military industry products, 4% and others including wood for construction work, 10%. Unconsolidated revenues accounted for 77.27% of 1998 consolidated revenues. Daewoo Corporation is the major shareholder with 20.05% of issued stock. The company has one consolidated subsidiary and consolidated affiliate, both in South Korea.