The story
Samsung was founded in 1938 by Lee Byung-chul as a small trading company in Taikyu, Korea, during the Japanese era. Initially, it dealt in dried fish, locally-grown groceries, and noodles, starting with just forty employees. The company's early success led Lee to move its head office to Seoul in 1947.
After the Korean War, Lee diversified the business into new areas, including sugar refining and textiles, founding Cheil Jedang and Cheil Mojik. His vision was to establish Samsung as a leader across multiple industries, leading to expansions into sectors like insurance, securities, and retail. This foundational period laid the groundwork for Samsung's future growth and its eventual transformation into a global conglomerate.
The late 1960s marked Samsung's entry into the electronics industry, forming several divisions and opening a facility in Suwon. Their first product was a black-and-white television set. This strategic move, along with entering construction and shipbuilding in the mid-1970s, proved crucial for its long-term development.
Challenges along the way
Samsung faced significant internal and external challenges throughout its history. After founder Lee Byung-chul's death in 1987, the group underwent a major restructuring, dividing into five separate business entities. In 1987, the company also faced legal trouble with the US International Trade Commission for unlawfully selling computer chips without licenses. Furthermore, the 1997 Asian financial crisis forced Samsung to sell its motor division at a substantial loss. More recently, in 2007, former chief lawyer Kim Yong Chul claimed involvement in bribery and evidence fabrication on behalf of the chairman, revealing a period of ethical scrutiny and legal battles. The highly publicized recall and cessation of the Galaxy Note 7 production in 2016 due to battery defects also posed a major reputational and financial challenge.
Major milestones
- 1938Lee Byung-chul founded Samsung as a trading company in Taikyu, Korea.
- 1938United States PatentFig. 7Display, mobile and semiconductor filingsAssignee searchRead filing ↗
- 1960Samsung Group entered the electronics industry, forming several electronics-related divisions.
- 1972The first television under the Samsung Electronics brand was released in South Korea.
- 1980Samsung entered telecommunications hardware by acquiring Hanguk Jeonja Tongsin.
- 1992Samsung became the world's largest producer of memory chips.
- 1995Samsung created its first liquid-crystal display screen.
- 2012Samsung Electronics became the world's largest mobile phone maker by unit sales.
- 2018Inaugurated the world's largest mobile manufacturing facility in Noida, India.
Prototypes & people
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