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The Samsung Group is South Korea's largest conglomerate (chaebol) and a global multinational corporation leading several major industries in the world, composed of numerous businesses, including Samsung Electronics, the world's largest electronics company, Samsung Heavy Industries, one of the world's biggest shipbuilders and Samsung Engineering & Construction, one of the major construction contractors worldwide. These three businesses form the core of Samsung Group and reflect its name; the meaning of the Korean word 'Samsung' is "tristar" or "three stars." Samsung Group has a corporate responsibility for South Korea, forming a vital core part of the South Korean economy accounting to more than 20% of the nation's total exports. The company has a powerful influence on the country's economic development, politics, media and culture. Samsung Group is South Korea's largest company & exporter, the 5th largest transnational corporation in the world and is helmed by chairman Lee Kun-Hee, the third son of the founder Lee Byung-chul.
History
1950s - 1980s
1950: Byung-Chul Lee founded Samsung trading company in Seoul ();
1953: Samsung starts sugar production, which has since been spun off into the CJ Corporation.;
1958: Samsung starts insurance business.;
1963: The first Shinsegae department store opens in Seoul.;
1964: Samsung starts Tongyang Broadcasting Company(TBC), which later merged with KBS.;
1965: Samsung starts the Joong-Ang Ilbo daily newspaper, which is no longer affiliated with the company.;
1969: Samsung Electronics was founded.;
1974: Samsung Petrochemical and Heavy Industries were founded.;
1976: The company was awarded an export prize by the government as a part of the country's development program.;
1977: As a result of this export prize, Samsung Construction emerged. In addition, Samsung Shipbuilding is formed.;
1982: Samsung establishes a professional baseball team.;
1983: Samsung produces its first computer chip: a 64k DRAM chip.;
Towards the end of the 1980s, Samsung pushed its efforts in petrochemicals and electronics.;
Samsung means “three stars” in Korean. Lee Byung-Chull founded Samsung in 1938. It started as a small trading company with forty employees, located in Seoul. The company did fairly well until the Communist invasion in 1950 which caused great damage to his inventories. He was force to leave and start over in Suwon in 1951. In just a year, the company’s assets had grown twenty-fold. In 1953, Lee created a sugar refinery—the South Korea’s first manufacturing facility after the Korean War. “The company prospered under Lee’s philosophy of making Samsung the leader in each industry he entered” (Samsung Electronics). The company started moving into service businesses such as insurance, securities, and department store. In the early 1970s, Lee borrowed money from foreign companies to begin the mass communication industry by launching a radio and television station (Samsung Electronics).
Read more at Wikipedia.org
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