In 1938, Samsung began as a small business trading produce and consumer goods. Almost 70 years later, Samsung has transformed itself into a global powerhouse whose superior products and services now range from semiconductors and LNG ships to fine chemicals and financial services, just to name a few.
1938-1970 Samsung Beginning On March 1, 1938, founding chairman Byung-Chull Lee started a business in Taegu, Korea with 30,000 won (South Korean currency). 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. 1969-SAMSUNG-Sanyo Electronics established (Renamed SAMSUNG Electro-Mechanics in March 1975 and merged with SAMSUNG Electronics in March 1977)
1969-SAMSUNG Electronics Manufacturing incorporated (Renamed SAMSUNG Electronics in February 1984)
1970-1980 Samsung Industrial Era
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
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 consolidate SAMSUNG Electronics' reign as a leader in semiconductor manufacturing.