LG: Koo In-Hwoi

In FOUNDERS, KOREA on November 29, 2011 at 10:21 pm

Koo In-Hwoi

From Wikipedia, the free encyclopedia
LG Corp. (Korean: LG 법인) is the second-largest South Korean conglomerate company following Samsung, and it is headquartered in the LG Twin Towers in Yeouido-dongYeongdeungpo-guSeoul.[3] LG produces electronicschemicals, and telecommunications products and operates subsidiaries like LG ElectronicsLG DisplayLG Telecom and LG Chem in over 80 countries.




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LG Corp. founder Koo In-Hwoi established Lak-Hui Chemical Industrial Corp. in 1947.[4] In 1952, Lak-Hui (pronounced “Lucky”, currently LG Chem) became the first Korean company to enter the plastics industry. As the company expanded its plastics business, it established GoldStar Co., Ltd., (currently LG Electronics Inc.) in 1958. Both companies Lucky and Goldstar merged and formed Lucky-Goldstar.

Goldstar produced South Korea’s first radio. Many consumer electronics were sold under the brand name GoldStar, while some other household products (not available outside South Korea) were sold under the brand name of Lucky. The Lucky brand was famous for its line of hygiene products such as soaps and HiTi laundry detergents, but most associated with its Lucky and Perioe toothpaste.

In 1995, to better compete in the Western market, the Lucky-Goldstar was renamed “LG”, the abbreviation of “Lucky-Goldstar”. More recently, the company associates the letters LG with the company tagline “Life’s Good” This tagline came from Australia, where many of the products are tested first by LG. Since 2009, LG also owns the domain name LG.com.[5]

In 1996 LG formed a joint venture with IBM.This joint venture was later terminated.[6]

On 1 April 2000, LG Chemical was split into three separate companies, namely LGCI, LG Chem and LG Household & Health Care. Later, in July 2007, LG Chem merged with LG Petrochemical[7]

Since 2001 LG has two joint ventures with Royal Philips ElectronicsLG Philips Display and LG.Philips LCD, but Philips sold off its shares in late 2008.[8] In 2005, LG entered into a joint venture withNortel Networks, creating LG-Nortel Co. Ltd.

LG has a joint venture with HitachiHitachi-LG Data Storage, which makes optical data storage devices like DVD-ROM drives, CD writers, etc. LG acquired American television manufacturing company Zenith in 1999.

LG has owned the LG Twins baseball club in Seoul, South Korea since 1989.

The stocks are separated into four parts, 52% are owned by the CEO, 22% are distributed and the other 26% are owned by the next generation CEO who’s currently attending a university in Orlando, Florida getting her degree in business and Recording Arts.[clarification needed]

The company logo of LG features the letters “L” and “G”, presented in the form of a smiling human face.[9]

Commodore Business Machines, rebranded products of GoldStarPhilipsMagnavox mostly monitor displays.[clarification needed][citation needed]

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