1.1. Background The Samsung Group was founded by Byung-Chull Lee in 1938, in Taegu, Korea, as an exporter of dried fish, vegetables and fruits. Byung later established flour mills under the name Samsung, which means three stars in Korean language. He also produced confectionery machines in this period. In 1951, Samsung Moolsan, a holding company, was established which later
The building of Samsung Sanghoe in Daegu in 1930s
became Samsung Corp. in 1953, Cheil Sugar Manufacturing Co. was set up, which later became an independent company. In
1958, Samsung acquired Ankuk Fire and Marine Insurance (later renamed as Samsung Fire and Marine Insurance) and DongBang Life Insurance in 1963 which was later renamed as Samsung Life Insurance. In 1966, the Group founded Joong-Ang Development, an entertainment theme parks and services company, which was later renamed as Samsung Everland. In 1969, Samsung Electronics Manufacturing Co. (SEMC) was incorporated. In the 1970s, the Samsung Group forayed into the shipbuilding, chemical and petrochemical industries. In 1972, Samsung Electronics started to make black-and-white television sets for domestic and Original Equipment Manufacturer (OEM) markets in its factory in Seoul. In 1974, the Group acquired a 50% stake in Korea Semiconductor Co. a joint venture between Korean Engineering & Manufacturing Co. and Integrated Circuit International. SEMC started exporting its products in the 1970s. In 1978, the Group’s electronics exports crossed the 100 billion won mark. In February 1984, SEMC was renamed as Samsung Electronics Co. Ltd. In 1980, Samsung acquired Korea Telecommunications and merged it with Korea Semiconductor, forming Samsung Semiconductor and Telecommunications, which then merged with SEC in 1988. In mid 80s, the small design was divided into three product areas – domestic appliances, telecommunications and computers serving an engineering driven culture in Suwon. When Byung-Chull Lee passed away in... [continues]
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