ELECTRONIC COMPANY
OCTOBER 15, 2021
Overview Of LG Company
The overview of LG company, a South Korea electronics manufacturer that producing high quality goods for a better life for humanity.
LG Corporation was established as Lak Hui (pronounced “Lucky”) Chemical Industrial Corp, on January 5, 1947 in Busan, South Korea. It was founded by Koo In-hwoi. The company became the first South Korean company to enter the plastics industry in 1952 and expanded their business by founding Goldstar Co. Ltd. in 1958.
Goldstar produced South Korea’s first radio then expanded their products for many consumer electronics goods under the brand name Goldstar. Some other products were sold under the brand name Lucky and only available in South Korea.
In 1983, both Lucky and Goldstar merged to form Lucky-Goldstar. The company held that name from 1983 to 1995 then changed to LG Corporation in 1995. It is the fourth-largest chaebol in South Korea. A chaebol is a large industrial conglomerate that is run and controlled by a person or family in South Korea.
Koo In-hwoi led the company until his death in 1969 then his son, Koo Cha-kyung took over his position. In 1995 he passed the leadership to his son, Koo Bon-moo in 1995. It was Koo Bon-moo who renamed the company to LG in 1995 and created a new tagline “Life’s Good” which also associates the letter LG for the words.
In 2018 Koo Kwang-mo, the nephew and adopted son of Koo Bon-moo became the new CEO of LG. Koo Bon-moo died on May 20, 2018. Koo Kwang-moo holds “the family tradition of male-only succession”.
Current headquarters are in the LG Twin Towers building in Yeouido-dong, Yeongdeungpo District, Seoul with global operations. LG Corporation is a holding company that operates worldwide through more than 30 companies in the electronics, chemical, and telecom fields.
Their subsidiaries including LG Electronics, LG Display, LG Uplus, LG Chem, LG Solar Energy, LG Household & Health Care along with more than 222.000 employees in 2012 according to Wikipedia.
LG and Hitachi created joint ventures named Hitachi_LG Data Storage in 2000. LG has a long relationship with Hitachi since the early years of Goldstar. The first joint ventures between two companies had been around since 1980’s to import computers to Korea.
Other LG joint ventures were with Royal Philips Electronics in 2001, Nortel Networks in 2005 and Magna International in 2020.
LG also operates the Coca-Cola Korea Bottling Company, manages real estate, management consulting and operates some professional sports clubs.
Along with Samsung, they are large scale electronics manufacturers from South Korea. As the core part of their businesses, the TV products from both companies have built up solid reputations in the UK and US. In North America, LG and Samsung have their combined TV market share to over 60% in 2019.
In April 2021, LG announced they were going to stop producing smartphone and quit the business after being in the industry for 20 years. This was due to their losses for the last 6 years from smartphone division, totaling $4.5 billion.
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