Samsung History

Topics: Samsung Group, Lee Kun-hee, Samsung Electronics Pages: 25 (5110 words) Published: April 17, 2008
Samsung Group Timeline and History

Samsung’s beginnings (1938 ~ 1969)

On March 1, 1938, founding chairman Byung-Chull Lee started a business in Taegu, Korea with 30,000 won. At first, Mr. Lee's little business was primarily in trade export, selling dried Korean fish, vegetables, and fruit to Manchuria and Beijing. But in just over a decade, SAMSUNG - meaning literally "three stars" in Korean - would have its own flour mills and confectionery machines, its own manufacturing and sales operations, and ultimately become the roots of the modern global corporation that still bears the same name today.

Dec SAMSUNG-Sanyo Electronics established (Renamed SAMSUNG Electro-Mechanics in March 1975 and merged with SAMSUNG Electronics in March 1977) Jan SAMSUNG Electronics Manufacturing incorporated (Renamed SAMSUNG Electronics in February 1984)

Nov Koryo General Hospital opened (Renamed Kangbuk SAMSUNG Hospital in 1995)

May Joong-Ang Development established (Known today as SAMSUNG Everland)

Oct Saehan Paper Manufacturing acquired (Renamed Chonju Paper Manufacturing in August 1968 and no longer affiliated with SAMSUNG) Sep SAMSUNG launched Joong-Ang Ilbo newspaper (No longer affiliated with SAMSUNG) Apr SAMSUNG Foundation of Culture established

Jul DongBang Life Insurance acquired (Renamed SAMSUNG Life Insurance in July 1989 DongHwa Department Store acquired (Known today as Shinsegae Department Store and no longer affiliated with SAMSUNG)

Feb Ankuk Fire & Marine Insurance acquired (Renamed SAMSUNG Fire & Marine Insurance in October1993)

Sep Cheil Industries Inc. founded

Aug Cheil Sugar Manufacturing Co. founded (Now an independent company and no longer affiliated with SAMSUNG)

Jan SAMSUNG Moolsan established (Known today as SAMSUNG Corporation)

Mar SAMSUNG founded in Taegu, Korea

SAMSUNG's industrial era (1970 ~1979)

Throughout the 1970s, SAMSUNG laid the strategic foundations for its future growth by investing in the heavy, chemical, and petrochemical industries. The company's second "Five-Year Management Plan," announced in August 1973, targeted these industries and also introduced SAMSUNG to the shipbuilding industry. During this time, the company also took steps to enhance its competitive position in the world's textile industry, integrating its manufacturing processes from raw materials to end products. As a result, many new companies were created including SAMSUNG Heavy Industries Company in 1974, and SAMSUNG Shipbuilding Company (created when SAMSUNG acquired Daesung Heavy Industry Company) and SAMSUNG Precision Company (now SAMSUNG Techwin) in 1977.

Another burst of growth for SAMSUNG came from the burgeoning home electronics business. SAMSUNG Electronics, already a major manufacturer in the domestic (Korean) market, began to export its products for the first time during this period. Another significant development was SAMSUNG's 1974 acquisition of a 50 percent stake in Korea Semiconductor, further consolidating SAMSUNG Electronics' reign as a leader in semiconductor manufacturing.

SAMSUNG Electronics achieves US$100 billion in exports

SAMSUNG Precision Co. established (Renamed SAMSUNG Techwin in 1987) Apr
SAMSUNG Electronics starts to export color televisions

SAMSUNG Ship Building created (Merged with SAMSUNG Heavy Industries in January 1983)

SAMSUNG Fine Chemicals established
SAMSUNG Construction established (Merged with SAMSUNG Corporation in December 1995)

SAMSUNG Corporation awarded the US$300 billion Export Prize

SAMSUNG Heavy Industries incorporated
SAMSUNG Petrochemical established

SAMSUNG Corning established
SAMSUNG Sanyo Parts founded (Renamed SAMSUNG Electronics Parts in May 1977, then SAMSUNG Electro-Mechanics in...
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