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History of LG Electronics

History of LG Electronics

LG Electronics is one of the worlds largest manufacturers of electronics products. As of 2009, this company is the third largest mobile phone manufacturer and the second largest manufacturer of televisions worldwide. Its central headquarters are located in the LG Twin Towers in Seoul, South Korea. The company has about one hundred and forty four subsidiaries worldwide producing different types of electronic gadgets from household appliances to telecommunications devices. Electronics is a top 100 global brand that is a dominant power to count on in the electronics industry.

The company started in 1947 under the trade name Lak Hui. After that, it was not yet an electronics company but more of a cosmetics and trading company. Since 1958, Goldstar was formed by In-Hwoi Koo, the founder of Lak Hui. It should be known that Goldstar made the first radion in Korea. The letter G in LG Electronics today traces its roots from Goldstar-its original brand.

Since the 1960s, Goldstar expanded, which was the electronics department of Lak Hui exponentially. By 1962 Goldstar radios were exported to countries like the United States. In 1965 Goldstar produced the first refrigerator in Korea. Since the following year they made Koreas first black and white television. Since 1968, Koreas first climate facility was produced and followed the following year. As shown here, when Electronics was still known as Goldstar, it was already the groundbreaking domestic appliance manufacturer in its native South Korea.

In the 1970s, Koo Cha-Kyun took over the management of the company. Under him, Luk Hai changed his name to Lucky, thus forming the original meaning of the letter L in LG Electronics. As a pioneer in the electronics industry, they made the first colored TV set in Korea in 1977. In 1978, exports amounted to $ 100 million.

Since the 1980s, LG Electronics already used the initials LG to refer to Lucky Goldstar. It expanded throughout the decade. The first European subsidiary was founded in Germany. A color TV manufacturer was manufactured in the United States. Then a European standard VCR manufacturing facility was opened in Germany. Since the end of the decade, the company already had a sales subsidiary and a joint production subsidiary in the Southeast Asian region as they established one in Thailand. In the history of LG, the 1980s are known as decades of international expansion. LG Electronics, then known as Lucky Goldstar, sold cheaper home appliances and other forms of telecommunications devices compared to Japanese brands.

In the 1990s, the company became more aggressive in the international market. In early 1990, they set up an Irish-based design technology center. Since 1993, with the inauguration of the Huizhou subsidiary, their marketing on the mainland became larger. It was 1995 that Lucky Goldstar officially changed its name to Electronics. That same year, they acquired the US company Zenith. In 1997, LG Electronics founded a subsidiary in India. The following year, the company made the worlds first 60-inch PDP TV.

In 2000, LG Electronics launched a refrigerator that can be purchased over the internet. They also became the leading brand in terms of LCD TVs, mobile phones and computer hardware. In 2001, LG Electronics launched home appliances that can be purchased over the internet. These were LG Electronicss latest models of washing machine, air conditioning and microwave. It also became the market leader in Australias CDMA market. LG Electronics also increased its GSM mobile phones to European countries such as Russia and Italy. In 2003, it became the worlds largest global CDMA producer. Then it also entered the northern Europe and the Middle East GSM market. In 2007, LG Electronics demonstrated the worlds first MIMO 4G-Enabled Technologies with 3G LTE. Since 2008, the company has gradually gone, since LG no longer represents Lucky Goldstar, but the new company logo Life is good, which is also the new brand.

LG Electronics is a dominant company in the electronics industry. Its subsidiary LG Electronics USA is also prevailing in the North American market. From a small South Korean company in the 1940s, LG Electronics is truly a global leader in the electronics market. Many households have their products.


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