Samsung Group Overview & History

Samsung was initially established by Lee Byung Chul in 1938 in Daegu as Mitsubishi Trading Company under Hangang Industrial Co., Ltd. At the beginning, it was mainly devoted to food processing, manufacturing, textiles, insurance and trade & retail. The next stage was the 1960s, where Samsung went into business in the field of electronics and IT industry such as Samsung electronics, Corning, Samsung semiconductors. During this period, Samsung became the producer of the first TV of black and white color.

By the middle of the 1970s, the company entered shipbuilding, construction and infrastructure businesses, so that the company’s profits could be diversified. In 1987, the founder of Samsung Group, Lee Byung Chul died which further divided Samsung into five company groups: the Samsung Group, CJ Group (food and chemistry), Hansol Group (paper and telecommunication), JoongAng Group (media), and SHINSEGAE Group (departmental stores).

In the process Samsung proved itself as one of the leading companies by supplying its construction products like Burj Khalifa in the United Arab Emirates, Petronas towers in Malaysia, and Taipei 101 in Taiwan. Besides, Samsung was leading the leading and producing sector of LCD screens, semiconductors, and mobile phones in the world. With that, Samsung progressed to gas turbines and commercial aircraft engine development for airliners in 1999.

Samsung Electronics Co. Ltd. the biggest and most well-known South Korean multinational conglomerate’ is among the 10 largest global corporations. Samsung as a subsidiary of Samsung Group currently is seated in the main town of Samsung in Seoul, South Korea. A total of 260.000 people work for Samsung in more than 70 countries.

Samsung has a powerful subsidiary structure encompassing Samsung Electronics, Samsung SDS, Samsung Engineering, Samsung Biologics, Samsung Fire and Marine Insurance, Samsung Life Insurance, Samsung Heavy Industries, Samsung C&T Corporation, Samsung SDI, Samsung electro-mechanics, and Cheil Worldwide. Today, Samsung is one of the world’s biggest conglomerates that comes 8th in the global strategic rank by brand values.

As Samsung expanded, it enriched its set of activities and now it is producing not only consumer appliances and electronics, but it is also making medical devices, chip manufacturing, clothing, and telecommunication products. Apart from having ads, financial services, information technology, medical services, semiconductors, shipbuilding, hospitality, construction, and advertisements, its services also broadly contribute.