Founding Date: January 5th, 1947
Company Name: LG Corporation
Country: Seoul, South Korea
Company Website: www.lg.com
A multinational conglomerate corporation of South Korean origin, LG Corporation, has its headquarters in Seoul, South Korea. The quick Google Search would give the result links such as LG India website, along with official websites of LG global, LG corp, and the company profiles on Bloomberg, Hoover’s, Wikipedia. The search result also includes results like LG Corp LinkedIn page and the success stories of LG Corp.
The Conception of LG Corp
Lak-Hui Chemical Industrial Corporation began its journey when Koo In-Hwoi brought it to the bright daylight in the year 1947. Lak-Hui Chemical Industrial Corp, now known as LG Chem successfully expanded and in the year 1958 established the company formerly known as Goldstar Co. Ltd., which was currently renamed as LG electronics Inc.
One of the initial achievements of Goldstar Co. Ltd. was manufacturing and producing the first Radio in South Korean history. Before hopping into the new era of success ventures, in the year 1995, Goldstar Co. Ltd. was changed to LG, the abbreviation of unit formed by Lak-Hui and Goldster. With company advancement and tagline design, LG is now more popularly associated with the abbreviation “Life’s Good”. For expanding the industrial coverage over the web world, in the year 2009, LG purchased the rights of the domain lg.com.
Operations of LG Corp
LG Corp own subsidiary units in more than 80 nations and has sections such as LG Chem, LG electronics, LG Display, etc. With an employee base of more than 2 lakh, LG Corp brings to the world the most efficient tools of display, electronics, telecommunications, engineering, information technology or IT, power generations and chemicals. This conglomerate industry has manufacturing units for near perfect versions of display tools as seen in digital appliances like personal home computer and television as well as other electro-digital devices like tablets, mobile phones, laptops etc. The chemical subsidiary unit of LG Corp has taken the production of quality chemicals such as rechargeable battery, cosmetics, etc. to the next level of customer and user satisfaction.
While LG Corp is the mother holding, the individual subsidiaries have their own sections and versions which are spread globally with its performance and customer services network. For example, LG Electronics subsidiary section has units like LG electronics, LG display, Lusem, LGInnotek, etc. The same applies for LG chemical subsidiary section of LG corp which own holdings such as LG Chem, LG MMa, LG Life Sciences, LG Health and household etc. LG has recently set forth the research and development section in many Asian countries including India. LG exports have clients from the countries in Africa and Middle East.
LG Philips Display and LG Philips LCD are the result of joint ventures held between LG corp and Royal Philips electronics which ended as Philips sold their shares in the year of 2008.
To recoup and expand the business profit, LG signed a contract and entered into a joint venture with the company Nortel Networks and together they brough LG-Nortel Co. Ltd. to the world.
LG company principle takes initiatives to fund social causes as well as sustainable development oriented technology for environmental well-being. In a blood donation camp organized by LG Corporation in India, the employees donate blood for the Red Cross society, New Delhi, India.
Awards and Recognition
LG bagged the awards like Received the CES Innovation Award for 21 products at the CES (2016), Received the 2015 ENERGY STAR Partner of the Year – Sustained Excellence Award (2015), Winner of a gold prize, two silver prizes and two bronze prizes at IDEA (2014) etc.