Samsung Guide, Meaning , Facts, Information and Description
| Samsung | |
| Korean Name | |
|---|---|
| Revised Romanization | Samseong |
| McCune-Reischauer | Samsŏng |
| Hangul | 삼성 |
| Hanja | 三星 |
Samsung (meaning three stars in Korean) was founded by Lee Byungchul.
Samsung is one of the largest South Korean chaebol (conglomerates). It started as an exports company in 1938, but soon diversified. In 1953, Samsung started sugar production, a business no longer part of Samsung. In 1958 insurance services started, in 1963 a department store was added.
In 1967 Samsung started the Joong-Ang Ilbo daily newspaper. Today this paper has no affiliation with the company.
Samsung Electronics was founded in 1969. In 1974 Samsung petrochemical and heavy industries followed. The company was awarded an export prize by the government as part of the country's development programme in 1976. As a result, Samsung construction emerged a mere three months later the following year. Shipbuilding was added in 1977.
The enormous diversification of the 70s continued in the 1980s. In 1982, Samsung established a professional baseball team. In 1983 Samsung produced its first computer chip: a 64k DRAM. Towards the end of the decade, Samsung pushed its efforts in petrochemicals and electronics.
The 1990s saw Samsung rise as an international corporation. Not only did it acquire a number of businesses abroad, but also began leading the way in certain electronic components. Samsung's construction branch was awarded the contract to build one of the two Petronas Towers in Malaysia in 1993.
Samsung survived the Asian financial crisis of 1997-98 relatively unharmed. It has kept expanding since then. Samsung's brand strength has been able to improve impressively in the last few years, despite coming from an environment of scandal and political intrigue. Samsung is now one of the leading manufacturers in plasma displays, although it has struggled with building an image of being an innovator created by legal controversies over patent infringements with companies such as Fujitsu who claim to have created plasma display technology first.
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