Brief History Samsung Group

Important facts:

– Samsung Group was founded in South Korea by Lee Byung-chul in 1 March 1938

– It was initially named as Samsung Store and the first store was opened in Taegu with 30,000 won

– In 1951, Samsung Corporation was established

– In 1953 Samsung started with production of sugar and later it had evolved into the CJ Corporation

– In 1958 Ankuk Fire & Marine Insurance was acquired

– In 1963 the first Shinsegae department store, a South Korean department store franchise, opened in Seoul and DongBang Life Insurance was also acquired with it

– In 1964 Samsung established Tongyang Broadcasting Company (TBC), which is currently merged with KBS

– In 1965 Samsung started a daily newspaper called Joong-Ang Ilbo

– In 1966 Joong-Ang Development was established and currently it is known as Samsung Everland

– In 1969 Samsung Electronics was established

– In 1974 Samsung Heavy Industries was incorporated and Samsung Petrochemical was established too and began the productions of washing machines and refrigerators

– In 1976 the company was rewarded for their success by getting an export prize

– In 1977 Samsung Precision Co. was established, now known as Samsung Techwin, started the exporting of colour televisions, and furthermore Samsung Fine Chemicals was also established. In addition to those two, Samsung Shipbuilding was also formed.

– Samsung Group entered the global market in the 1980s

– In 1983 they began production of personal computers (PCs) and produces its first computer chip: a 64k DRAM chip

– In 1984 Samsung Data System was established thus it being renamed as Samsung SDS

– In 1987 Samsung Advanced Institute of Technology was opened for research and development purposes

– In 1988 Samsung Semiconductor & Telecommunications Co decided to merge with Samsung Electronics. It was then when Home appliances, semiconductors and telecommunications were chosen as the core business lines

– In 1989 Samsung BP Chemicals founded

– Samsung Group evolved from a trade export of dried food, vegetables and fruits to Beijing and Manchuria to one of the world’s best electronic companies

– Samsung Group contributes more than twenty percent to South Korea’s exports and took the leading roles in many domestic industrial areas

– The influence of the company was so great in South Korea that the country is referred as “Republic of Samsung”

– The combination of the three multinational business of Samsung Electronics, Samsung Heavy Industries and Samsung Engineering and Constructions reflects the meaning of Samsung, which means ‘three stars’ or ‘tri-Star’ in Korean

– Samsung is known to be the world’s most popular consumer electronic brands since 2005

Mission: To be the best “digital-εCompany”