M&A를 통한 국내 중견기업의 해외진출 사례연구

It has been known that mergers & acquisitions, a sort of foreign direct investment, is agrowth strategy generally used by large enterprises. However, in recent years, there aregrowing number of M&A practices to domestic small or medium-sized enterprises forinternationalization. In this case study, the authors introduce five M&A practices of Koreanmedium-sized enterprises such as WELCRON, HanmiGlobal, CD Networks, DaewoongPharmaceutical, and Dongwon Industries. In introducing and analyzing these M&A practices,this study seeks to provide managerial insights and directions for successful M&A toenhance synergy effects. The major findings of this paper are summarized as follows; First, in the global M&Amarket, the success of business-to-business integration depends on understanding theacquired organization culture and retention of core personnel. Second, it is important formerging companies to predict possible problems after M&A as well as to plan for reactionin negotiation process. Third, mergers, expecially in medium-sized enterprises should utilizeexternal resources due to the lack of internal resources. Finally, merging companies need tohave a long-term sustainable growth strategy rather than utilizing short term growth tactics.