LG Company Info
Believe it or not, LG's start in life was as a producer of cosmetic cream, way back in 1947. The company started out as the Lak Hui Chemical Industrial Corp. In 1957 they became the first Korean company to enter the plastics industry. As the company expanded, it launched Korea's first radio in 1959 and setup the company Goldstar.
During the 60's, as Korea expanded rapidly as a developing nation, Goldstar Co. Ltd produced a slew of successful consumer electronics products. These include electric fans, refrigerators and air conditioners. Their first television set came off the production lines in 1966, although it looked a little different to the sets they produce today.
Little known fact: Did you know that LG created Koreas first ever elevator?
Thanks to export and a growing economy, LG continued to see massive growth during the 70s. And in 1977 they developed their first colour television set. Exports soared to the amount of 100 million USD for LGs consumer electronics and other 'white goods'. Towards the end of the 70s, LG also released the first video recorder in Korea.
The 80s saw many new technologies emerge that we now take for granted in our every day life. LG developed colour video cameras, the first computer in Korea and even a direct drive precision robot. At the end of the 80s LG built it's famous Twin Towers in Seoul, a landmark, to celebrate it's 40th anniversary.
By the 1990's LG's business was focused in four main areas: chemicals/energy, electronics/communications, financing and services. It was during this decade that LG began to lay the foundations for it's modern display panels. During this time they developed the world's thinnest (at the time!) LCD display panel. As the third chairman of LG was sworn in, the company overhauled it's management principles and focused on becoming more competitive globally.
Did you know? LG is an abbreviation of "Lucky GoldStar", although modern branding might have you believe it stood for "Life is Good"!
In modern times, LG's TVs consistently receive superb reviews from magazines such as What Hi-Fi and in 2008 alone, LG won 11 Red Hot Design Awards, 11 iF Product Design Awards, and 13 Innovation Awards at CES. LG is currently the world's second largest LCD maker, behind Samsung. The two companies are responsible for 50% of the global LCD market.