Samsung History

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  • Topic: Samsung Group, Chaebol, Lee Kun-hee
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  • Published : November 12, 2012
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Samsung

For more than 70 years, Samsung has been dedicated to creating a better world through different businesses that now span advanced technology and more. Samsung leads the global market in high-tech electronics manufacturing and digital media.

Table of Contents

History2
1938 to 19702
1970 to 19903
1990 to 2000 4
2000 to Present 5
The Samsung Philosophy7
Values7
Vision 20208

History
1938 to 1970
In 1938, Lee Byung-chull (1910–1987) of a large landowning family in the Uiryeong county came to the nearby Daegu city and founded Samsung Sanghoe, a small trading company with 40 workers located in Su-dong (now Ingyo-dong). The company dealt in groceries produced in and around the city and produced its own noodles. In 1947 The Company prospered and Lee moved its head office to Seoul. While the Korean War broke out, however, he was forced to leave Seoul and started a sugar plant in Busan named Cheil Jedang. Later the war, in 1954, Lee founded Cheil Mojik and built the plant in Chimsan-dong, Daegu. It was the biggest woollen mill ever in the country and the company took on the aspect of a major company. Samsung expanded into many parts and Lee wanted to establish Samsung as an industry leader in a wide range of enterprises, moving into businesses such as insurance, securities, and retail. Lee placed great reputation on industrialization, and focused his economic development plan on a handful of large domestic conglomerates, protecting them from competition and assisting them financially. In 1948, Cho Hong-jai (the Hyosung group’s founder) jointly invested in a new company called Samsung Mulsan Gongsa, or the Samsung Trading Corporation, with the Samsung Group founder Lee Byung-chull. The company firm grew to become the present-day Samsung C&T Corporation. However after some years Cho and Lee disjointed due to differences in administration between them. He wanted to get up to a 30% group part. After settlement, Samsung Group was divided into Samsung Group and Hyosung Group, Hankook Tire, and others. In 1960, Samsung Group arrived into the electronics business. It formed several electronics-related divisions, such as Samsung Electronics Devices Co., Samsung Electro-Mechanics Co., Samsung Corning Co., and Samsung Semiconductor & Telecommunications Co., and made the facility in Suwon. Its first product was a black-and-white television set. 1970 to 1990

In 1980, Samsung acquired the Gumi-based Hanguk Jeonja Tongsin and entered the telecommunications hardware industry. Its early merchandises were switchboards. The facility was developed into the telephone and fax manufacturing systems and became the center of Samsung's mobile phone industrial. They have made over 800 million mobile phones to date. The company grouped them together below Samsung Electronics Co., Ltd. in 1980. After the founder's death in 1987, Samsung Group was disjointed into four business groups - Samsung Group, Shinsegae Group, CJ Group and Hansol Group. Shinsegae (discount store, department store) was originally part of Samsung Group, separated in the 1990s from the Samsung Group along with CJ Group (Food/Chemicals/Entertainment/logistics) and the Hansol Group (Paper/Telecom). Nowadays these separated groups are liberated and they are not part of or associated to the Samsung Group. In 1980, Samsung Electronics initiated to participate heavily in investigation and development, investments that were essential in pushing the company to the front of the global electronics industry. In 1982, it constructed a television association plant in Portugal; in 1984, a plant in New York; in 1985, a plant in Tokyo; in 1987, a facility in England; and another facility in Austin in 1996. As of 2012, Samsung has financed more than US$13 billion in the Austin facility, which works under the name Samsung Austin Semiconductor LLC. This makes the Austin location the largest foreign investment in...
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