LG is a large industrial conglomerate located in South Korea, and it’s one of the largest LCD television manufacturers in the world. The company manufactures a range of components, including home entertainment products, mobile phones and tablets, a variety of home appliances and HVAC components, and even chemicals. As a result, the LG Corporation has a huge effect on day-to-day life, even if it’s subtle.
In 1947, the LuckyChemical Company was founded, and it produced a product called Lucky Cream. A year later, the company established its first cosmetics laboratory in Seoul.
During the 1950s, the LuckyChemical Company expanded. Lucky Industry was founded in 1953 and then changed its name to Bando Corporation in 1956.
Goldstar was established in 1959 as part of the wider Lucky Group, and it produced its first radio, the A-501.
The 1960s saw further technological advances, with radio exports establishing the Goldstar company name in the United States. GoldStar developed its first fridge in 1965 and a TV set in 1966. Air conditioners would follow, along with other HVAC products. Other companies that would become part of LG developed everything from toothpaste to raw plastics.
Innovations in the 1970s and 1980s saw individual companies expand, and they were amalgamated in 1983 under a single brand: the Lucky Goldstar Group. This became LG in 1995. LG Electronics acquired Zenith Corporation in 1999, a major American brand of appliances.
Currently, LG is a highly relevant brand worldwide. It makes a large portion of TVs and computer displays across the world, as well as millions of fridges, speakers and even microwaves for the domestic market. The company also makes drugs, including fertility treatments and hormones, and vaccinations, such as a diphtheria, tetanus, pertussis and hepatitis vaccine.
LG’s chemical division makes insecticides and pesticides for use in the agricultural sector as well as base chemicals for further refinement and development across various chemical sectors. LG International develops resources and invests in further companies, while LG CNS is the IT solutions division.
LG in the Media
The vast majority of news stories about LG are about its innovations, but the company has had some controversies. Most of these stem from emissions releases from its factories or are regarding its handling of data in the early 2010s. In some cases, the company was accused of deliberately underestimating its appliance energy consumption to better appeal to consumers. The EU accused and fined LG Display, a subsidiary of the LG Group, millions of euros for price-fixing.
LG has sponsored the LG Twins, a Korean Baseball Organization team, since 1990. It has provided sponsorship for soccer, Formula One, snooker and cricket teams and individuals.
The current CEO and vice chairman of LG is Cho Seong-jin, and the president and CFO is Jung Do-hyun. The company is headquartered in Seoul, South Korea.
As a corporate conglomerate with numerous divisions, LG has many competitors strewn across multiple markets. In the United States, its TVs compete against manufacturers such as:
Worldwide, its competition in the domestic market includes:
- Haier (refrigerators and solar panels)
- Daikin Industries (solar panels)
- Apple (smartphones)
- Samsung (smartphones, TVs and washing machines)
- Alto-Shaam and Electrolux (microwaves)
LG also faces challenges from Merck, GSK, BASF and Bayer across most of its pharmaceutical and chemical products.
Although LG has faltered in some areas, particularly with its mobile phones section, the company still continues to innovate and attract substantial market share across numerous sectors and is a highly recognizable brand across the domestic appliance market. The LG Corporation currently holds the 502nd spot on Forbes’ Global 2000 list. .