The organization has about one hundred and forty nine subsidiaries worldwide that manufacture different types of electronic gadgets from house appliances to telecommunication devices. Electronics is a Top 100 worldwide brand that is a dominant force to be reckoned with within the electronic devices industry.
The company started in 1947 under the trading name Lak Hui. Back then, it was not yet an electronics company but much more of a cosmetics and trading business. Then by 1958, Goldstar was set up by In-Hwoi Koo, who was the founder of Lak Hui. It should be known that Goldstar created the very first radio in Korea. The letter G in LG Electronics today traces its roots from Goldstar-its original manufacturer name.
Then within the 1960’s, Goldstar, which was the electronics division of Lak Hui expanded exponentially. By 1962, Goldstar radios had been exported to countries like the United states. In 1965, Goldstar made the first refrigerator in Korea. Then the following year, they created Korea’s first black and white television. Then in 1968, Korea’s very first air-conditioning unit was produced and followed the succeeding year. As shown here, when Electronics was still generally known as Goldstar, it was already the pioneering home appliance manufacturer in its native South Korea.
In the 1970’s, Koo Cha-Kyun took over the leadership of the organization. Under him, Luk Hai changed its name to “Lucky”, therefore forming the original meaning of the letter L in LG Electronic devices. As a pioneer of electronics invention, they made the very first colored television in Korea in 1977. By 1978, their exports reached US $100 million.
Then in the 1980’s LG Electronics was currently utilizing the initials LG to refer to Lucky Goldstar. It expanded throughout the entire decade. The very first European subsidiary was established in Germany. A color TV manufacturing plant was established in the Usa. Then a European standard VCR manufacturing plant was inaugurated in Germany. Then by the end of the decade, the organization currently had a sales subsidiary and a joint production subsidiary in the Southeast Asian region as they set up one in Thailand. In the history of LG, the 1980’s has the name the decade of international expansion. LG Electronic devices, then known as Fortunate Goldstar was selling cheaper home appliances and other forms of telecommunications devices compared to Japanese brands.
In the 1990’s, the company was becoming more aggressive within the international market. By early 1990, they put up an Ireland-based design technology center. Then in 1993, with the inauguration from the Huizhou subsidiary, their marketing in mainland China got bigger. It was in 1995 that Fortunate Goldstar officially changed its name to Electronics. In the same 12 months, they acquired the US-based company named Zenith. In 1997, LG Electronics set up a subsidiary in India. One 12 months afterwards the organization created the world’s first 60-inch PDP TV.
In 2000, LG Electronics launched a refrigerator that can be bought via the web. They were also becoming the leading manufacturer in terms of LCD TV, mobile phones, and personal computer hardware. In 2001, LG Electronic devices launched home appliances that can be bought via the web. These had been LG Electronics’ newest models of washing machine, air conditioner, and microwave oven. It also became the market leader in Australia’s CDMA marketplace. LG Electronic devices also augmented their GSM mobile handsets exports to European countries such as Russia and Italy. In 2003, it became the top global CDMA producer. Then it also entered the Northern European and Middle East GSM marketplace. In 2007, LG Electronics demonstrated the world’s very first MIMO 4G-Enabled Technologies with 3G LTE. Then in 2008, the organization went a gradual change as the LG no longer represents Fortunate Goldstar but the new organization logo “Life is good”, which also incidentally is its new manufacturer identity.