LG and LG Electronics is a South Korean giant company famous for mobile phones and electronics, but did you know that there’s more to them?
LG is the brand name that you’ll find on some of the most widely used home electronics, and mobile phones, across the globe.
Founded in 1958 as GoldStar, the LG was established in the aftermath of the Korean War to provide the rebuilding nation with domestically-produced consumer electronics and home appliances.GoldStar had a sister company, Lak-Hui (pronounced "Lucky") Chemical Industrial Corp. In 1995 Lucky Chemical and GoldStar merged, changing the corporate name to Lucky-Goldstar, and then finally to LG Electronics.
Headquartered in Yeouido-dong, Seoul, LG Electronics is a member of the LG Group, employing 82 000 people working in 119 local subsidiaries worldwide.
The LG Group is comprised of 63 companies which are divided into 3 main categories :
Electronics (17 companies)
Including LG Electronics and LG Display.
Chemicals (16 companies)
Including LG Chem and LG Household & healthcare
Telecom & Services (30 companies)
Including LG U+ (a telecommunications network in South Korea) and LG CNS.Each of the 63 companies operates independently of each other, much the way that each of the companies under Google’s parent company, Alphabet, operate separately. This allows the many companies which form part of the LG Group to service, sell and work with companies which are competitors, such as Apple, to other companies under the LG Group umbrella.Here are a few milestones that the company has reached through its 21-year existence:
LG has made over US$136.7 Billion revenue
In 1999, LG partnered with Phillips to develop an LCD factory in South Korea.
LG has only been involved in mobile since 2008
In 2014, LG introduced the world’s first 4K OLED TV, making them the only company to merge OLED and 4K technology.
In 2016, LG introduced the world’s first modular type commercially available smartphone, the G5.
There is certainly more to LG than just electronics and should you ever find yourself in Seoul, don’t be surprised to find the LG logo on your tube of toothpaste.