Samsung
Samsung is one of the South Korean conglomerates. It started as an exports company in 1938, but soon diversified. In 1953, for example, Samsung started sugar production, a business no longer part of Samsung today. In 1958 insurance services started, in 1963 a department store was added.
In 1967 Samsung started the Joong-Ang Ilbo daily newspaper. Today this paper has no affiliation with the company. Samsung Electronics was founded in 1969. In 1974 Samsung petrochemical and heavy indutries followed. The company was awarded an export prize by the government as part of the country's development programme (US$300 billion) in 1976. As a result of this, Samsung ceontruction emerged a mere three months later the following year. Also in 1977 shipbuilding started. In 1978 Samsung is awarded a further US$ 100 billion by the government.
The seventies started an enormous diversification, but it was followed in the 1980s. In 1982, for example, Samsung established a professional baseball team. In 1983 Samsung produces its first computer chip: a 64k DRAM chip. Towards the end of the decade, Samsung pushed its efforts in petrochemicals and electronics.
The 1990s saw Samsung rise as an international corporation. Not only did Samsung acquire a number of businesses abroad, but also began Samsung lead the way in certain electronic components. Samsung's construction branch is rewarded with the contract to build one of the two Petronas Towers in Malaysia in 1993.
Samsung survived the IMF crisis in 1997-98 relatively unharmed. It keeps expaning and enjoys an excellent reputation, both for its quality and competitive prices.
Like the other chaebols in South Korea, Samsung ventured into building personal cars. Unlike the other companies, such as Hyundai, Samsung's venture was not successful and was sold to Renault, becoming Renault Samsung Motors.
The founder of Samsung is Lee Byungchul.
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