Samsung’s Beginnings
On March 1, 1938, founding chairman Byung-Chull Lee started a business in Taegu, Korea, with 30,000 won.
1938-1969 Samsung's Beginnings
On March 1, 1938, founding chairman Byung-Chull Lee started a business in Taegu, Korea, with 30,000 won.At the start, his business focused primarily on trade export, selling dried Korean fish, vegetables, and fruit to Manchuria and Beijing. In little more than a decade, Samsung—which means "three stars" in Korean—would have its own flour mills and confectionery machines, its own manufacturing and sales operations, and ultimately evolve to become the modern global corporation that still bears the same name today.
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1970-1979 Diversifying in Industries and Electronics
In the 1970s, Samsung laid the strategic foundations for its future growth by investing in the heavy, chemical, and petrochemical industries.During this time, the company also took steps to enhance its competitive position in the world's textile industry, integrating its manufacturing processes from raw materials to end products. As a result, many new companies were created, including Samsung Heavy Industries Company in 1974 and Samsung Shipbuilding and Samsung Precision Company (now Samsung Techwin) in 1977.
Another burst of growth for Samsung came from the burgeoning home electronics business. Samsung Electronics, already a major manufacturer in the Korean market, began to export its products for the first time during this period. Samsung also acquired a 50 percent stake in Korea Semiconductor, further solidifying Samsung Electronics' position as a leader in semiconductor manufacturing.
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1980-1989 Entering the Global Marketplace
Samsung's core technology businesses diversified and expanded globally during the late 1970s and early 1980s.In 1978, Samsung Semiconductor and Samsung Electronics became separate entities. Samsung Aerospace Industries (now Samsung Techwin) was launched in February 1987, and Samsung has been developing its aerospace capabilities with unprecedented speed ever since.
Samsung also entered the systems development business, establishing Samsung Data Systems in 1985 (now Samsung SDS) as a leader in information technology services, including systems integration, systems management, consulting, and networking services.
Samsung's increasing focus on technology led to the creation of the company's two research and development (R&D) institutes that helped expand its reach even further into electronics, semiconductors, high polymer chemicals, genetic engineering, optical telecommunications, aerospace, and new fields of technology innovation from nanotechnology to advanced network architectures.
In 1987, Samsung's founding Chairman Byung-Chull Lee passed away after almost 50 years at the helm of the company. His son, Kun-Hee Lee, succeeded him as the new Chairman. During this period, Samsung challenged itself to restructure old businesses and enter new ones with the aim of becoming one of the world's top five electronics companies.
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1990-1993 Competing in a Changing Tech World
The early 1990s presented tremendous challenges for high-tech businesses.Mergers, coalitions, and buy-outs were common while competition and consolidation flourished. Companies were pressed to rethink their technology and services offerings. Business began to flow across borders between countries and companies. Samsung made the most of these opportunities by refocusing its business strategy to better respond to market demands.
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