The LG Group is a large corporation based in South Korea and produces various types of electronic and petrochemical products.
LG was founded in 1947 as a cosmetics company, then known as Lak Hui Chemical Industrial Corp. Five years later, the company was renamed LG Chem and became the first Korean company to enter the plastics industry. LG moved on to electronics in 1958 under the GoldStar brand.
GoldStar made its homeland proud by being the first in Korea to develop dozens of types of products. By 1959, Goldstar became the first company to produce radios in Korea. In the 1960s, they were first in refrigerators, electric fans, and telephones. Not limited to consumer electronics, Goldstar also developed room air conditioners, washing machines, and elevators. The company continued to hit milestones for Korea up into the early 21st Century.
LG continued to produce cosmetic and hygiene products for Korea under the Lucky brand name. As a matter of fact, the "LG" of the company name stands for "Lucky GoldStar". However, in recent years LG has adopted the tagline "Lifeâ€™s Good" to serve as the abbreviationâ€™s new meaning.
By the 1990s, LG focused its efforts toward establishing a strong presence in the global market. LG has formed almost 130 subsidiaries of its company, including LG TeleCom, LG Micron, and LG Sports. In the past decade, theyâ€™ve joined up with several other powerful companies. In 1999, the company acquired the American-based television manufacturer, Zenith. Theyâ€™ve also formed joint ventures with Hitachi and Phillips to produce various consumer electronics.