History of LG 전자.

LG is a leading brand name in electronics around the world, with a presence in several industries and countries. Behind the simple name lies a very complex background, as the company's history reveals great diversity.

Significance

Like its compatriots Samsung and Lotte, LG is a huge Korean conglomerate with far-reaching involvement in international markets. Although famous for consumer electronics, the company also conducts business in many other fields. It's a staple of the Korean economy.

Time Frame

LG traces its roots to 1947, when founder In-Hwoi Koo started the original business, centered around cosmetics and trading under the name Lak Hui. After the Korean War, the company expanded and became known for household chemicals.

Identification

The company moved closer to the LG of today in 1958, when it was responsible for the first radio made in Korea. The brand name Goldstar also came about that year, forming the original "G" of the name.

Effects

Still officially Lak Hui, the company's Goldstar electronics division grew exponentially in the 1960s and 1970s, making everything from TVs to elevators, while also involved in chemicals and cosmetics. In 1974 under Koo Cha-kyun, Lak Hui chemicals changed its name to Lucky, forming the original "L" of the name---hence LG.

Benefits

As Lucky Goldstar, or simply LG, the corporation continued its expansion throuhgout the 1980s,when it began to penetrate international markets with tape recorders, audio equipment, TVs and VCRs---all cheaper than their Japanese counterparts.

Considerations

Success has led LG to invest in higher value industries, such as robotics, and to an image change. By 1996, it had partnerships with the likes of IBM and operations in Europe and China. In the early 2000s,it became known for LCD TVs, PC hardware and cell phones. LG no longer means Lucky Goldstar--but the company uses the motto "Life Is Good.