Samsung Electronics: History, Growth, Products & Latest Updates

Samsung: Samsung is the largest South Korean chaebol and consists of multiple connected enterprises, the majority of which are unified under the Samsung brand (business conglomerate). Samsung will have the eighth-highest worldwide brand value in 2020. 

About Samsung

In 1938, Lee Byung-chul established Samsung as a commercial business. The group expanded into industries like food processing, textiles, insurance, securities, and retail over the following three decades.

Samsung entered the shipbuilding and construction industries in the middle of the 1970s after first entering the electronics sector in the late 1960s.

Samsung was divided into five business groups after Lee’s passing in 1987: Samsung Group, Shinsegae Group, CJ Group Hansol Group, and Joongang Group.

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Among the notable Samsung industrial affiliates is Samsung Electronics, which according to 2017 revenue was the largest manufacturer of chips, consumer electronics, and information technology worldwide.

Samsung Engineering and Samsung C&T Corporation, rank as the world’s 13th and 36th largest construction firms, respectively. 

History of Samsung

Samsung Heavy Industries, the world’s second-largest shipbuilder by 2010 revenue. Other notable subsidiaries include Cheil Worldwide, the fifteenth-largest advertising agency in the world based on 2012 revenues, Samsung Life Insurance, the fourteenth-largest life insurance company in the world, Samsung Everland, which runs the oldest theme park in South Korea, Everland Resort, and Samsung Life Insurance.

After Intel, Samsung became the world’s second-largest chipmaker in 1992 and today produces the majority of memory chips (see Worldwide Top 20 Semiconductor Market Share Ranking Year by Year). 

Expansion Samsung

It produced its first liquid crystal display screen in 1995. Ten years later, Samsung became the biggest producer of liquid-crystal display panels worldwide. S-LCD was created in 2006 as a joint venture between Samsung and Sony to offer a steady supply of LCD panels for both manufacturers.

Sony, which had not invested in large-size TFT-LCDs, had asked Samsung to cooperate.

Samsung (50% plus one share) and Sony (50% minus one share) jointly owned S-LCD, which is based in Tanjung, South Korea. On December 26, 2011, it was revealed that Samsung had purchased Sony’s share of this joint venture.

Samsung has a significant impact on South Korea’s politics, media, economy, and culture. It was also a crucial factor in the “Miracle on the Han River.”

A quarter of all South Korean exports are produced by its affiliated businesses. In 2013, Samsung’s earnings amounted to 17% of South Korea’s $1,082 billion GDP.  “You could even argue that the chairman of Samsung has more authority than the president of South Korea.

In a Washington Post article titled “In South Korea, the Republic of Samsung,” Woo Suk-hoon, host of a well-known economics podcast, said that South Koreans had grown to view Samsung as untouchable and beyond the law “, which appeared on December 9, 2012. 

Growth Samsung

Samsung was criticised for eliminating smaller businesses, reducing consumer options for South Koreans, and occasionally working with other industry heavyweights to fix prices while intimidating those doing investigations.

In a debate, South Korean presidential hopeful Lee Jung-hee stated: “The government is in Samsung’s control.

Samsung oversees the legal world, the press, the academics and bureaucracy”. As a result of the company’s success, Lee relocated its headquarters to Seoul in 1947.

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He had to leave Seoul when the Korean War started. He established the Cheil Jedang sugar refinery in Busan.

Lee established Cheil Mojik in 1954 and erected the factory in Chimsan-dong, Daegu. It was the nation’s first and largest woolen mill.