Samsung Early Beginnings:
The Samsung name is known around the globe as a conglomerate whose brands are assigned to products in construction, defense areas, insurance, entertainment industry, advertising, electronics, and more. Samsung history began with a Korean trader named Lee Byung-chul in 1938. Mr. Byung-chull opened a store which produced and traded goods around the city. He was known as an honest and dependable store owner. As a result, Samsung grew with expansions in Seoul by 1947. The Samsung store changed its direction when the Korean War broke out. Mr. Byung-chull saw an opportunity to expand their products to textile by building Korea’s largest wooden mill. After the Korean War was over, Korea was in despair. Mr. Byung-chull and his partners were very devoted to restoring China and entered the world industrialization market.
A short history of Samsung in chronological order, is as follows: Click here for additional information.
1. 1960’s – Samsung has grown to a brand name that is recognized around the world. The company is now into electronics and formed several divisions. The electronics divisions of Samsung included:
• Samsung Semiconductor and Telecommunications
• Samsung Corning
• Samsung Electro-Mechanics
• Samsung Electronics Devices
Building large facilities in Suwon, South Korea, Samsung produced black and white television sets.
2. 1980’s – Samsung entered the telecommunication industry. They produced switchboards, telephones, facsimile machines and mobile phones. Now, as a larger corporation, their subsidiaries are now expanding to Portugal, New York, Tokyo, England and Austin, Texas. In 1987, the owner, Lee Byung-chull passed away. Samsung remaining owners divided into four different divisions:
• Samsung Group
• Hansol Group
• CJ Group
• Shinsegae Group
The Samsung Group remained strong in electronics, engineering, construction and high-tech research and development products. The remaining four divisions concentrated on retail, food, chemicals, logistics, entertainment, paper and telecommunication. The four entities continued to work together under the Samsung banner, but producing different products.
3. 1990’s – Samsung is now an international corporation. The corporation is involved in building popular real estate structures. Samsung is manufacturing aircrafts and aircraft parts and gas turbines under the name Samsung Techwin. In 1993, Samsung reorganized and began focusing largely in electronics. The corporation developed and researched innovative electronics, i.e., LCD technology.
4. 2000 – In 2006 Sony partnered with Samsung on the development of LCD panels. This made them the largest manufacturers of LCD technology. In 2011, Samsung bought out Sony.
Today and Tomorrow:
Today, the Samsung brand name is centralized around telecommunication mobility, making it one of the largest manufacturer. Presently and in future developments, Samsung is centered on electronics and their components. Samsung is also a leader and partner in the biopharmaceutical industry.