The South Korean company Samsung is one of the largest electronics manufacturers in the world. Samsung specializes in electronic components and technology products, including motors, digital media equipment, semiconductors, memory boxes and connectivity systems. It has become one of the most popular business products and is watched by about five percent of consumers in South Korea.
- Samsung was founded as a retail company on April 1, 1938 by Lee Byung-Chull. He started his business in Taegu, Korea, selling noodles and other local products for export to China and the region. (The company name, Samsung, comes from Korea, meaning “three stars.”)
- After the Korean War, Lee expanded into the textile industry and opened the largest leather factory in Korea.
- He focused on industrial development with the intention of helping to rebuild his country after the war.
- At the same time, his business benefits from new protection provided by the Korean government, which seeks to help the country’s largest enterprise (chaebol) by shielding them from immediate competition.
- In the late 1950s, the company owned three major Korean commercial banks, an insurance company, and a cement and fertilizer factory. Samsung in the 1960s sold some insurance products in the oil and gas industry, nylon industry and grocery stores.
- In the 1970s, the company expanded its production of textile fabrics to produce a wide range of products – from natural to finished products – to compete successfully in the textile industry.
- New branches such as Samsung Heavy Industries, Samsung Shipbuilding, and Samsung Precision Company (Samsung Teach-in) were established. Also during this period, the company began investing in major industrial, chemical and petroleum industries, giving the company an excellent opportunity for growth.