Samsung | History & Facts - Encyclopedia Britannica

Samsung, South Korean company that is one of the world's largest producers of electronic devices. Samsung specializes in the production of a wide variety of ... Samsung TableofContents Samsung IntroductionEarlyyearsElectronicsSamsungasaglobalcompany FastFacts Facts&RelatedContent Media Images More MoreArticlesOnThisTopic Contributors ArticleHistory Home Politics,Law&Government Banking&Business Samsung SouthKoreancompany Actions Cite verifiedCite Whileeveryefforthasbeenmadetofollowcitationstylerules,theremaybesomediscrepancies. Pleaserefertotheappropriatestylemanualorothersourcesifyouhaveanyquestions. SelectCitationStyle MLA APA ChicagoManualofStyle CopyCitation Share Share Sharetosocialmedia Facebook Twitter URL https://www.britannica.com/topic/Samsung-Electronics GiveFeedback Feedback Corrections?Updates?Omissions?Letusknowifyouhavesuggestionstoimprovethisarticle(requireslogin). FeedbackType Selectatype(Required) FactualCorrection Spelling/GrammarCorrection LinkCorrection AdditionalInformation Other YourFeedback SubmitFeedback Thankyouforyourfeedback Oureditorswillreviewwhatyou’vesubmittedanddeterminewhethertorevisethearticle. JoinBritannica'sPublishingPartnerProgramandourcommunityofexpertstogainaglobalaudienceforyourwork! ExternalWebsites Print print Print Pleaseselectwhichsectionsyouwouldliketoprint: TableOfContents Cite verifiedCite Whileeveryefforthasbeenmadetofollowcitationstylerules,theremaybesomediscrepancies. Pleaserefertotheappropriatestylemanualorothersourcesifyouhaveanyquestions. SelectCitationStyle MLA APA ChicagoManualofStyle CopyCitation Share Share Sharetosocialmedia Facebook Twitter URL https://www.britannica.com/topic/Samsung-Electronics Feedback By PeterBondarenko • EditHistory TableofContents Samsung Seeallmedia Date: March1,1938-present ...(Showmore) AreasOfInvolvement: textile aerospaceindustry electronics homeappliance semiconductor ...(Showmore) RelatedPeople: LeeKun-Hee ...(Showmore) Seeallrelatedcontent→ Samsung,SouthKoreancompanythatisoneoftheworld’slargestproducersofelectronicdevices.Samsungspecializesintheproductionofawidevarietyofconsumerandindustryelectronics,includingappliances,digitalmediadevices,semiconductors,memorychips,andintegratedsystems.Ithasbecomeoneofthemost-recognizablenamesintechnologyandproducesaboutafifthofSouthKorea’stotalexports.EarlyyearsSamsungwasfoundedasagrocerytradingstoreonMarch1,1938,byLeeByung-Chull.HestartedhisbusinessinTaegu,Korea,tradingnoodlesandothergoodsproducedinandaroundthecityandexportingthemtoChinaanditsprovinces.(Thecompanyname,Samsung,camefromtheKoreanfor“threestars.”)AftertheKoreanWar,LeeexpandedhisbusinessintotextilesandopenedthelargestwoolenmillinKorea.Hefocusedheavilyonindustrializationwiththegoalofhelpinghiscountryredevelopitselfafterthewar.DuringthatperiodhisbusinessbenefitedfromthenewprotectionistpoliciesadoptedbytheKoreangovernment,whoseaimwastohelplargedomesticconglomerates(chaebol)byshieldingthemfromcompetitionandprovidingthemeasyfinancing.Inthelate1950sthecompanyacquiredthreeofKorea’slargestcommercialbanksaswellasaninsurancecompanyandfirmsthatmadecementandfertilizer.Samsunginthe1960sacquiredmoreinsurancecompaniesaswellasanoilrefinery,anyloncompany,andadepartmentstore.Duringthe1970sthecompanyexpandeditstextile-manufacturingprocessestocoverthefulllineofproduction—fromrawmaterialsallthewaytotheendproduct—tobettercompeteinthetextileindustry.NewsubsidiariessuchasSamsungHeavyIndustries,SamsungShipbuilding,andSamsungPrecisionCompany(SamsungTechwin)wereestablished.Also,duringthesameperiod,thecompanystartedtoinvestintheheavy,chemical,andpetrochemicalindustries,providingthecompanyapromisinggrowthpath.ElectronicsSamsungfirstenteredtheelectronicsindustryin1969withseveralelectronics-focuseddivisions.Theirfirstproductswereblack-and-whitetelevisions.Duringthe1970sthecompanybegantoexporthomeelectronicsproductsoverseas.AtthattimeSamsungwasalreadyamajormanufacturerinKorea,andithadacquireda50percentstakeinKoreaSemiconductor. Thelate1970sandearly’80switnessedtherapidexpansionofSamsung’stechnologybusinesses.Separatesemiconductorandelectronicsbrancheswereestablished,andin1978anaerospacedivisionwascreated.SamsungDataSystems(nowSamsungSDS)wasestablishedin1985toservebusinesses’growingneedforsystemsdevelopment.ThathelpedSamsungquicklybecomealeaderininformationtechnologyservices.Samsungalsocreatedtworesearchanddevelopmentinstitutesthatbroadenedthecompany’stechnologylineintoelectronics,semiconductors,high-polymerchemicals,geneticengineeringtools,telecommunications,aerospace,andnanotechnology.