History of LG Electronics
LG Electronics is one of the world’s largest manufacturers of electronics products. As of 2009, this company is the third largest-producer of mobile phones and the second largest-producer of television sets in the entire world. Its central headquarters is situated in the LG Twin Towers in Seoul, South Korea. The company has about one hundred and forty nine subsidiaries all over the world that manufacture different kinds of electronic gadgets from home appliances to telecommunication devices. Electronics is a Top 100 global brand that is a dominant force to be reckoned with in the electronics industry.
The company started in 1947 under the trading name Lak Hui. Back then, it was not yet an electronics company but more of a cosmetics and trading business. Then by 1958, Goldstar was established by In-Hwoi Koo, who was the founder of Lak Hui. It should be known that Goldstar made the first radio in Korea. The letter G in LG Electronics today traces its roots from Goldstar-its original brand name.
Then in the 1960’s, Goldstar, which was the electronics division of Lak Hui expanded exponentially. By 1962, Goldstar radios were exported to countries like the United States of America. In 1965, Goldstar produced the first refrigerator in Korea. Then the following year, they made Korea’s first black and white television. Then in 1968, Korea’s first air-conditioning unit was produced and followed the succeeding year. As shown here, when Electronics was still known as Goldstar, it was already the pioneering home appliance manufacturer in its native South Korea.
In the 1970’s, Koo Cha-Kyun took over the leadership of the company. Under him, Luk Hai changed its name to “Lucky”, therefore forming the original meaning of the letter L in LG Electronics. As a pioneer of electronics invention, they made the first colored television in Korea in the year 1977. By 1978, their exports reached US $100 million.
Then in the 1980’s LG Electronics was already using the initials LG to refer to Lucky Goldstar. It expanded throughout the entire decade. The first European subsidiary was established in Germany. A color TV manufacturing plant was established in the United States of America. Then a European standard VCR manufacturing plant was inaugurated in Germany. Then by 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 1980’s is known as the decade of international expansion. LG Electronics, then known as Lucky Goldstar was selling cheaper home appliances and other forms of telecommunications devices compared to Japanese brands.
In the 1990’s, the company was becoming more aggressive in the international market. By early 1990, they put up an Ireland-based design technology center. Then in 1993, with the inauguration of the Huizhou subsidiary, their marketing in mainland China got bigger. It was in 1995 that Lucky Goldstar officially changed its name to Electronics. In the same year, they acquired the US-based company named Zenith. In 1997, LG Electronics established a subsidiary in India. The following year the company made the world’s first 60-inch PDP TV.
In 2000, LG Electronics launched a refrigerator that can be bought through the internet. They were also becoming the leading brand when it comes to LCD TV, mobile phones, and computer hardware. In 2001, LG Electronics launched home appliances that can be bought via the internet. These were LG Electronics’ newest models of washing machine, air conditioner, and microwave oven. It also became the market leader in Australia’s CDMA market. LG Electronics also augmented their GSM mobile handsets exports to European countries such as Russia and Italy. In 2003, it became the top global CDMA producer. Then it also entered the Northern European and Middle East GSM market. In 2007, LG Electronics demonstrated the world’s first MIMO 4G-Enabled Technologies with 3G LTE. Then in 2008, the company went a gradual change as the LG no longer represents Lucky Goldstar but the new company logo “Life is good”, which also incidentally is its new brand identity.
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 1940’s, LG Electronics is now truly a global leader in the electronics market. A lot of households do have their products.