LG
History
LG Corporation, formerly known as Lucky-Goldstar, is a multinational conglomerate corporation based in South Korea. It was established in 1947 by Koo In-hwoi and has since grown to become one of the largest corporations in South Korea. The company's history is marked by a series of strategic mergers, acquisitions, and diversifications that have allowed it to expand its reach and influence across various industries.
The company's origins can be traced back to the post-World War II period, when Koo In-hwoi founded Lak-Hui Chemical Industrial Corp. in 1947. This company would later evolve into LG Chem, one of the leading chemical companies in the world today. In 1958, Koo established GoldStar, a company that focused on the production of radios and other electronic products. The two companies merged in 1958 to form Lucky-Goldstar, which would later be rebranded as LG Corporation in 1995.
Business Operations
LG Corporation operates through four main business units: Home Entertainment, Mobile Communications, Home Appliance & Air Solution, and Vehicle Components. Each of these units focuses on a specific industry and is responsible for the development, production, and distribution of products within their respective markets.
Home Entertainment
The Home Entertainment business unit is responsible for the production and distribution of televisions, monitors, personal computers, and other consumer electronics. This unit is known for its innovative products, such as the world's first 84-inch ultra-high-definition 4K television and the world's first flexible OLED television.
Mobile Communications
The Mobile Communications business unit is responsible for the production and distribution of mobile communication devices, such as smartphones and tablets. This unit has been instrumental in the development of innovative technologies, such as the world's first 3D smartphone and the world's first modular smartphone.
Home Appliance & Air Solution
The Home Appliance & Air Solution business unit is responsible for the production and distribution of home appliances and air conditioning systems. This unit is known for its innovative products, such as the world's first washing machine with a built-in dryer and the world's first refrigerator with a built-in television.
Vehicle Components
The Vehicle Components business unit is responsible for the production and distribution of vehicle components, such as infotainment systems and electric vehicle batteries. This unit is known for its innovative products, such as the world's first curved OLED display for automotive applications.
Research and Development
LG Corporation places a strong emphasis on research and development (R&D), investing heavily in this area to drive innovation and maintain its competitive edge in the market. The company operates several R&D centers around the world, where it conducts research in various fields, including electronics, telecommunications, and chemical engineering.
The company's R&D efforts have resulted in numerous technological breakthroughs and innovations, many of which have been patented. These include the development of the world's first 84-inch ultra-high-definition 4K television, the world's first flexible OLED television, and the world's first 3D smartphone.
Corporate Social Responsibility
LG Corporation is committed to corporate social responsibility (CSR), implementing various initiatives to promote sustainability, community engagement, and ethical business practices. The company's CSR efforts are guided by its "Life's Good" philosophy, which emphasizes the importance of improving the quality of life for people around the world.
The company's sustainability initiatives include efforts to reduce its environmental impact, such as reducing greenhouse gas emissions and minimizing waste. The company also engages in various community outreach programs, such as providing educational opportunities for underprivileged children and supporting disaster relief efforts.