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The LG Group (Korean: 엘지 그룹 Elji Kŭrup) is South Korea's third largest conglomerate that produces electronics, chemicals, and telecommunications products and operates subsidiaries like LG Electronics, LG Telecom, Zenith Electronics and LG Chem in over 80 countries. LG Group sponsors the LG Cup Baduk Tournament.
LG Group founder Koo In-Hwoe established Rak-Hui Chemical Industrial Corp. in 1947.[3] In 1952, Rak-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.
In 1959, 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 hygiene products line such as soaps and Hi-Ti laundry detergents, but most associated with its Lucky and Perioe toothpaste.
In 1995, so as to better compete in the western market the company was renamed "LG", the abbreviation of "Lucky GoldStar". More recently, the company associates its tagline "Life's Good", with the letters LG. In January 2009 LG was able to buy the domain name LG.com - It is now among the list of large corporations to own a two letter domain name.[4]. The amount of the transaction remains confidential.
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GoldStar logo, prominently used before the introduction of the LG logo.
Since 2001, LG has two joint ventures with Royal Philips Electronics: LG Philips Display and LG.Philips LCD. LG has entered into a joint venture with Nortel Networks and has created LG-Nortel Co. Ltd.
LG also has a joint venture with Hitachi, Hitachi-LG Data Storage, which manufactures optical data storage products like DVD-ROM drives, CD writers, etc. LG has owned the LG Twins baseball club since 1989. LG acquired American television manufacturing company Zenith in 1999.
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Seoul, South Korea
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