Founding and Early Years
- In 1958, LG Electronics was founded as GoldStar (Korean: 금성). It emerged in the aftermath of the Korean War, with a mission to provide domestically produced consumer electronics and home appliances to help rebuild the nation.
- The start of national broadcasting in South Korea created a booming electronics market, and GoldStar quickly forged a close relationship with Hitachi. This meant they would be able to make radios, televisions, and more.
Merger and Transformation
- GoldStar was one of the LG groups alongside a brethren company called Lak-Hui Chemical Industrial Corp. (pronounced “Lucky”). Lak-Hui later became LG Chem and LG Household & Health Care
- In 1995, GoldStar merged with Lucky Chemical and GoldStar Cable, leading to a corporate name change to Lucky-Goldstar and eventually to LG Electronics.
- In 2002, LG Electronics underwent further restructuring, creating a holding company. The “new” LG Electronics was spun off, while the “old” LG Electronics changed its name to LG EI.
- In 2003 LG Electronics merged with LG CI(Legal successor of LG Chem) which would dissolve the original Goldstar entity.
Business Units and Subsidiaries
- LG Electronics is a part of LG Corporation, the fourth largest chaebol (conglomerate) in South Korea. It comprises four big business units:
-
- Home Entertainment: Known for its TVs, audio systems, and displays.
- Mobile Communications: Focused on smartphones and related technologies.
- Home Appliances & Air Solutions: Includes refrigerators, washing machines, air conditioners, and more.
- Vehicle Components: Engaged in automotive electronics and components.
- LG Electronics acquired Zenith in 1995 and is the largest shareholder of LG Display, the world’s largest display company by revenue in 2020.
- It is also the world’s second-largest television manufacturer, trailing only behind Samsung Electronics.
- LG Electronics operates 128 locations and employs 83,000 people.
Continued Innovation
- LG Electronics plays a significant role in the global consumer electronics industry.
- It was the second-largest LCD TV manufacturer worldwide as of 2013
Remember, LG Electronics has come a long way from its humble beginnings, and its legacy continues to shape the world of technology and innovation!
RELATED STORIES:
- https://en.wikipedia.org/wiki/LG_Electronics
- https://en.wikipedia.org/wiki/GoldStar
- https://www.nature.com/articles/d42473-022-00204-z
- https://www.reuters.com/technology/lg-elec-says-it-aims-achieve-77-bln-sales-by-2030-2023-07-12/
- https://www.wsj.com/business/retail/lg-electronics-unveils-restructuring-to-boost-global-competitiveness-6a9ff3b6
TAKE ACTION:
