Samsung Company Story
Samsung Company is a huge South Korean conglomerate which was established with an aim of being a trading company. With its headquarters in Seoul, the company was founded in 1938. Since
Founding Date: March 1st, 1938
Company Name: Samsung
Country: Seocheo District, Seoul, South Korea
Company Website: www.samsung.com
its conception, Samsung has diversified into various business arenas that include mobile phones, electronic items, food processing, retails and textiles.
In the Early Days
Samsung Company was founded by Lee Byung-Chul in 1938. It was situated in Su-dong and employed 40 people. In the initial days, the company dealt in manufacture and distribution of groceries.
The success of this small establishment set the ambitious founder thinking and he soon moved his headquarters to the happening city of Seoul with the aim of expanding his business. In the year 1947, he started a sugar company which became a huge success within a short period. Lee Byung-chul then went on to launch a woolen mill in Daegu city in 1954, which was said to be the largest mill of its times.
Soon, the company diversified into other profitable arenas like retails, securities and insurance to enhance its revenues. The owner of Samsung Company believed in industrialization and wanted to see his company grow to be a leader in every business arena.
In the early 1960s, Samsung Company ventured into manufacture of electronic goods. Its first electronic product was a Black & White television.
Journey to Become a Successful Company
In the year 1980, Samsung acquired the telecommunication giants Hanguk Jeonja Tongsin. With this company in their hands, they launched into production of fax machines, telephones and switchboards. However, this was just the beginning to the many more production units that they would establish in the later years. When they had a number of production units under their banner, they brought these all together under a single company which was named Samsung Electronics Co., Ltd.
In 1987, when the founder Lee Byung-chul died, the company was into four different groups namely Samsung Group, Hansol Group, CJ Group and Shinsegae Group. The Samsung Company continued on the path of expansion demonstrated by its founder and started establishing manufacturing units in important cities like London, New York, Portugal and Texas.
The company also invested lots of money in research to improve its electronic items. Though all its products are extremely popular, semiconductors and mobile phones developed by them have the maximum takers.
Apart from this, Samsung Company also diversified into the construction field. It is the organization that built Burj Khalifa – the tallest building in the world and the Petronas Towers in Malaysia.
Samsung Company was the one that introduced LCD televisions into the market. They were also the market leaders in the production of memory chips. Their subsidiary Samsung Techwin supplies engine parts to airplanes like Airbus A380 and Boeing 787 Dreamliner. The company created history when it became the market leader in the mobile phone arena and overtook Nokia.
The company is one of the biggest conglomerates in Seoul and its annual revenue was estimated at $305 billion in 2014. It has about 489000 employees working for it.