LG Group's Evolution from Chemical Company to Global Leader

LG Group is a South Korean multinational conglomerate that was founded in 1947. Originally known as Lucky-Goldstar, the company has since grown to become one of the largest electronics manufacturers in the world, with a diverse range of businesses spanning electronics, chemicals, and telecommunications.

LG’s electronics division is perhaps its most well-known business, producing a wide range of products such as televisions, smartphones, home appliances, and personal computing devices. The company has a strong focus on innovation and is known for pushing the boundaries of what is possible with technology. For example, LG was one of the first companies to introduce OLED televisions to the market, and it has continued to be a leader in this space.

Founding History of LG

The founding history of LG Group dates back to 1947 when a small company named Lucky Chemical Industrial Corporation was founded by Koo In-Hwoi in Seoul, South Korea. The company produced cosmetics and toothbrushes, but its real breakthrough came in 1952 when it started producing its first radio.

In 1958, Lucky Chemical Industrial Corporation merged with GoldStar, another South Korean company that was founded in 1954 and specialized in producing electrical components. The merged company was named Lucky-Goldstar or LG for short. The new company’s focus shifted to producing electronics, and it quickly became one of the leading manufacturers of home appliances in South Korea.

Throughout the 1960s and 1970s, LG continued to expand its business and diversify its product offerings. It introduced new products such as televisions, air conditioners, and refrigerators, and it also established itself as a major player in the chemical and construction industries. During this period, LG also expanded its operations overseas, setting up manufacturing facilities in countries such as the United States and Canada.

In the 1980s, LG continued to grow and expand its business. The company launched its first personal computer in 1985 and established a mobile phone manufacturing division in 1995. In 1995, the company also changed its name from Lucky-Goldstar to LG Corporation to better reflect its global brand identity.

In the early 2000s, LG continued to innovate and expand its business, introducing new products such as plasma TVs and smartphones. In 2013, LG launched its first OLED TV, which quickly became a market leader in its category. In recent years, LG has focused on developing new technologies such as 5G networks, AI-powered appliances, and electric vehicles.

Today, LG Group is one of the largest and most diversified conglomerates in South Korea, with operations in electronics, chemicals, telecommunications, and other industries. The company continues to be committed to innovation, quality, and sustainable growth, and it is widely recognized as a global leader in many of its key business areas.