LG Corp.
LG Corporation is a South/Korean multinational conglomerate corporation. It is the fourth-largest company of its kind in South Korea, following Samsung Group, Hyundai Motors Group and SK Group.Its headquarters are situated in the LG Twin Towers building in Yeouido-dong, Yeongdeungpo-gu, Seoul.
LG makes electronics, chemicals, and telecomm products and operates subsidiaries such as LG Electronics, Zenith, LG Display, LG Telecom and LG Chem in over 80 countries.
LG Corp founder Koo In-Hwoi established Lak-Hui Chemical Industrial Corp in 1947. In 1952, Lak Hui (pronounced “Lucky”, currently LG Chem) became the first Korean company to enter the plastic industry.
As the company expanded to plastic business, it established Goldstar Co. Ltd. (Currently LG Electronics Inc.). in 1958, both companies Luck and Goldstar merged and formed Lucky Goldstar.
Goldstar produced South Korea’s first radio. Many consumer electronics were sold under the brand name of Lucky. The Lucky brand was famous for hygiene products such as soaps and HiTi laundry detergents, but the brand was mostly associated with Lucky and Perioe toothpaste. Even today, LG continues to manufacture some of these products for the South Korean market, such as laundry detergents.In 1995, to compete better in the Western market, the Lucky-Goldstar Corporation was renamed “LG”. The company also associated the letters with company’s tagline “Life’s Good”, which is actually a backronym. Since 2009, LG has owned the domain name LG.com
In 1996 LG formed a joint venture with IBM; it was later terminated.
On 1 April 2000, LG Chemical was spilt into three separate companies, namely LGCI, LG Chem, and LG Household & Health care. Later in July 2007, LG Chem merged with LG Petrochemical.
Since 2001, LG has two joint ventures with Royal Philips Electronics: LG Display and LG Philips LCD, but Philips sold off its shares in late 2008. In 2005, LG entered into a joint venture with Nortel Networks, creating LG-Nortel Co. Ltd.
On November 30th 2012, Comscore released a report that LG has overtaken Apple to become second largest in U.S market share.
On August 7th 2013, comscore released a report of June 2013 U.S Smartphone subscriber market share that found LG fell to fifth place in the U.S mobile market share.
LG has owned the LG Twins baseball club in Seoul, South Korea since 1989.
The company logo of LG features a circle containing the letters “L” and “G”, presented in the form of a smiling human face.
Summary
LG was founded on January 5, 1947
LG was founded by Koo In-Hwoi
LG Headquarters is located in Seoul, South Korea
Key People in LG are: Koo Bon-Moo (Chairman & CEO)
Yu Sig Kang ( Vice Chairman & Co-CEO)
Juno Cho (EVP, COO, & Director)
Products: Electronics, chemicals, telecoms, engineering, information technology, power generation
Revenue of Company: USD143 Billion (2012)
Employees: 220,000
Subsidiaries: LG Electronics, LG Display, LG Telecomm, LG Chem, LG Life Sciences, LG Solar Energy
LG Website: www.lgcorp.com
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