Samsung History

5110 Words21 Pages
Samsung Group Timeline and History Samsung’s beginnings (1938 ~ 1969) On March 1, 1938, founding chairman Byung-Chull Lee started a business in Taegu, Korea with 30,000 won. At first, Mr. Lee's little business was primarily in trade export, selling dried Korean fish, vegetables, and fruit to Manchuria and Beijing. But in just over a decade, SAMSUNG - meaning literally "three stars" in Korean - would have its own flour mills and confectionery machines, its own manufacturing and sales operations, and ultimately become the roots of the modern global corporation that still bears the same name today. 1969 Dec SAMSUNG-Sanyo Electronics established (Renamed SAMSUNG Electro-Mechanics in March 1975 and merged with SAMSUNG Electronics…show more content…
On November 19, 1987, SAMSUNG's founding Chairman Byung-Chull Lee passed away after almost fifty years at the helm of the company. His son, Kun-Hee Lee succeeded him as the new Chairman. On the 50th anniversary of SAMSUNG's founding in 1988, he announced the "Second Foundation" of the company, directing SAMSUNG's growth towards becoming a world-class 21st century corporation. For this "Second Foundation," SAMSUNG challenged itself to restructure old businesses and enter new ones with the aim of becoming one of the world's top five electronics companies. The merger of SAMSUNG Electronics and SAMSUNG Semiconductor & Telecommunications was undoubtedly a key strategic moment in the progress towards this goal. For the first time in the group's history, SAMSUNG was now in a position to maximize its technological resources and develop value-added products. The integration of overlapping projects also reduced costs and efficiently utilized capital and labor. By the late 80s, SAMSUNG's efforts to create consolidation of its electronics and heavy companies started to pay off with a well-regarded reputation matching the high-tech products the company was now known for. 1989 Dec SAMSUNG

More about Samsung History

Open Document