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LG is a leading company in electronic equipment, with a presence in several industries and countries. But behind its simple name, a very complex background lurks, as the company history reveals great diversity.
Importance of LG
Like their compatriots Samsung and Apple, LG is a Korean conglomerate with a powerful participation in international markets. Although it is famous for consumer electronics, the company also does business in many other fields. It is a staple in the Korean economy.
LG's Historic Timeframe
LG has its origins in 1947 when the founder, Koo In-Hwoi, started the original business, focusing on cosmetics, which were commercially available under the name Lak Hui. After the Korean War, the company expanded and became known for its household chemicals. This changed in 1958. LG was responsible for the first radio made in Korea.
LG in the 1960s and 1970s
Still being officially Lak Hui, the Goldstar electronics division of the company grew exponentially in the 1960s and 1970s, designing and manufacturing everything from televisions to elevators, while participating in the chemical and cosmetic industry as well. In 1974 under Koo Cha-Kyun, the Lak Hui chemicals changed its name to Lucky. (The name LG came about due to Goldstar and Lucky.)
LG in the 1980s
As Lucky Goldstar or simply LG, the company continued its expansion during the 1980s, when it began to penetrate international markets with recorders, audio equipment, televisions and VCRs, all cheaper than their Japanese counterparts.
In the 1980s, LG, based on the significant progress made in the 70s, was aiming toward being an international export company of capital and technology to foreign markets, establishing local plants in America, Europe, and in the Middle East. In addition, LG firmly led the diversification of its activities and expanded its area of most intense and comprehensive manner through acquisition of eighteen institutions, including LG Capital.
Meanwhile, in 1987, LG completed the construction of the Twin Towers LG (LG Twin Towers), LG headquarters in Yoido, Seoul, demonstrating its position in the industrial circles of the country and the world. Moreover, in 1988 LG launched the F-88 Project and the Project V, intended to implement an administration to look into the future. Actually, all of these actions were preparatory to improve management efficiency, with the elimination of repeated investments that took place in the process of rapid growth operations, and the renewing of their then organizational structure.
LG in the 1990s and 2000s
The success that it has had has led LG to invest in higher-value industries, such as robots. In 1996, LG had alliances with IBM and operations in Europe and China. In the 2000s, it became known for its LCDs, PCs, hardware TVs, and cell phones. LG no longer means Lucky Goldstar.
LG Malaysia Today
This company uses the slogan "Life is Good". This slogan is utilized in all of their commercials. It is often translate it into many different languages. LG is currently designing and manufacturing the best smartphones available on the market, take the LG G2 or G3, for example. It contains high-end features that cannot be found in most smartphones that are available on the market at the moment. One of the more unique phones that were made by LG is the LG Flex. It features curved screen, which have never been introducted before in a smartphone. LG phones are being compared to brands like Samsung, Apple, and HTC. LG really is one of the top brands in Malaysia and every where else in the world.