Samsung

Samsung was established on March 1, 1938 by Bung-Chull Lee. It was started as a trade exports business concerned with selling dry Korean fish, vegetables and fruits. By 1950, Samsung had its own flourmills, confectionary machines and manufacturing and sales operations. Samsung entered into the sugar business in 1956 and textiles business in 1953.

Samsung Electronics brand value is $14.956 billion ranking 20^th where as Sony ranked 28^th with brand value of $10.754 billion. Samsung forayed into the electronics industry in Jan 1969 by incorporating Samsung Electronics Manufacturing. The joint venture with Sanyo Electronics in 1969 enabled Samsung Electronics Manufacturing to assemble black & white televisions and simple transistor radios. It started selling black & white TV in 1972. During that time Sony had already become a global brand with its Transistor Color TVs.

In 1974 Samsung acquired 50% stake in Korea Semiconductor Company to strengthen its leadership position in semiconductor manufacturing. It started exporting color TVs to Panama in April 1977. In 1978 Samsung Electronics Manufacturing reported exports sales of $100 billion and it became a major manufacturer in the Korean market.

Samsung Electronics Manufacturing acquired Korea Telecommunications in 1980 and was renamed as Samsung Semiconductor and Telecommunications in 1982. In February 1984, Samsung Electronics Manufacturing was renamed as Samsung Electronics Co. ltd. In 1988, Samsung Electronics and Samsung Semiconductor and Telecommunications merged with each other and the core business consisted of home appliances, semiconductors and telecommunications.

During 1994 to 1996, 17 different products - from semiconductors to computer monitors, TFT-LCD screens to color picture tubes - leaped into the ranks of the top five products for global market share in their respective areas. 12 others achieved top market ranking in their areas. In some areas, such as LCDs, Samsung has simply been number one from the start. Ever since entering the LCD business in 1993, Samsung has been the undisputed world leader. Another example is Samsung Heavy Industries' drill ships that captured 60% of the world market ever since their introduction.

1997 was a dark year for nearly all of Korea. That year, nearly all companies in Korea shrank. SAMSUNG was no exception. The company restructured by reducing the number of its affiliated companies to 45 (The standard of affiliates number is according to Fair Trade Law), decreasing personnel by almost 50,000, and improving the soundness of its financial structure, lowering 1997's 365% debt ratio to 148% by late 1999.

The company sold 10 business units to overseas companies for 1.5 billion dollars, including SAMSUNG Heavy Industries' highly acclaimed construction equipment business unit to Volvo AB of Sweden and its forklift business to Clark.Although the news was bleak, SAMSUNG was one of the few companies able to continue growing thanks to its leadership in digital and network technologies, and its steady concentration on electronics, finances, and related services.