History
For more than 70 years, Samsung has been at the forefront of innovation. Our discoveries, inventions and breakthrough products have helped shape the history of the digital revolution. .On March 1, 1938, founding chairman Byung-Chull Lee started a business in Taegu, Korea, with 30,000 won.At the start, his business focused primarily on trade export, selling dried Korean fish, vegetables, and fruit to Manchuria and Beijing. In little more than a decade, Samsung-which means "three stars" in Korean-would have its own flour mills and confectionery machines, its own manufacturing and sales operations, and ultimately evolve to become the modern global corporation that still bears the same name today.
1970 | * Black-and-white TV (model: P-3202) production started by Samsung-Sanyo |
1969 | * Samsung-Sanyo Electronics established (renamed Samsung Electro-Mechanics in March 1975 and merged with Samsung Electronics in March 1977) |
1966 | * Joong-Ang Development established (known today as Samsung Everland) |
1963 | * DongBang Life Insurance acquired (renamed Samsung Life Insurance in July 1989) |
1958 | * Ankuk Fire & Marine Insurance acquired (renamed Samsung Fire & Marine Insurance in October 1993) |
1954 | * Cheil Industries Inc. founded |
1951 | * Samsung Moolsan established (now Samsung Corporation) |
1938 | * Samsung founded in Taegu, Korea |
Diversifying in Industries and Electronics
In the 1970s, Samsung laid the strategic foundations for its future growth by investing in the heavy, chemical, and petrochemical industries.
During this time, the company also took steps to enhance its competitive position in the world's textile industry, integrating its manufacturing processes from raw materials to end products. As a result, many new companies were created, including Samsung Heavy Industries Company in 1974 and Samsung Shipbuilding and Samsung Precision Company (now Samsung Techwin) in 1977.
Another burst...