LG Corporation (or LG Group) (), formerly Lucky-Goldstar from 1983 to 1995 (Korean: ''Leokki Geumseong''; ), is a South Korean multinational

conglomerate Conglomerate or conglomeration may refer to: * Conglomerate (company) * Conglomerate (geology) * Conglomerate (mathematics) In popular culture: * The Conglomerate (American group), a production crew and musical group founded by Busta Rhymes ** Co ...

founded by

Koo In-hwoi Koo In-hwoi (, 26 August 1906 – 31 December 1969) was a South Korean businessman and the founder of LG Group, one of the largest chaebols in South Korea. Life He is the 14th generation descendant of Gu Sa-min (구사민;具思閔) who is the ...

and managed by successive generations of his family. It is the fourth-largest

chaebol A chaebol (, ; ) is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group whose power over the group often exc ...

in South Korea. Its headquarters are in the LG Twin Towers building in Yeouido-dong, Yeongdeungpo District, Seoul. LG makes electronics, chemicals, and telecommunications products and operates subsidiaries such as LG Electronics, Zenith, LG Display, LG Uplus, LG Innotek, LG Chem, and LG Energy Solution in over 80 countries.

History

LG Corporation was established as Lak Hui Chemical Industrial Corp. in 1947 by

. In 1952, Lak Hui (락희) (pronounced "Lucky"; now LG Chem) became the first South Korean company to enter the

plastics industry The plastics industry manufactures polymer materials—commonly called plastics—and offers services in plastics important to a range of industries, including packaging, building and construction, electronics, aerospace, and transportation. It is ...

. As the company expanded its plastics business, it established

GoldStar GoldStar was a South Korean electronics company established in 1958. The corporate name was changed to LG Electronics and LG Cable on February 28, 1995, after merging with Lucky Chemical. LG Cable was spun off from LG Electronics and changed i ...

Co. Ltd. (now LG Electronics Inc.) in 1958. Both companies Lucky and GoldStar merged to form Lucky-Goldstar in 1983. 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 hygiene products such as soaps and HiTi laundry detergents, but the brand was mostly associated with its Lucky and Perioe toothpaste. LG continues to manufacture some of these products for the South Korean market, such as laundry detergent. Koo In-hwoi led the corporation until his death in 1969, at which time, his son

Koo Cha-kyung Koo Cha-kyung () (24 April 1925 – 14 December 2019) was a South Korean business executive. He was the chairman of LG Group from 1970 until his retirement in 1995. He took the company public in 1970 and was chairman during the company's growth ...

took over. He then passed the leadership to his son,

Koo Bon-moo Koo Bon-moo ( ko, 구본무; 10 February 1945 – 20 May 2018) was a South Korean business executive, who gained worldwide fame as the renamer and business executive of the LG Group. Early life Born on 10 February 1945 in Jinju, South Gyeongsa ...

, in 1995. Koo Bon-moo renamed the company to LG in that year. The company also associates the letters LG with the company's tagline "Life's Good". Since 2009, LG has owned the domain name LG.com. Koo Bon-moo died of a brain tumor on 20 May 2018. In July 2018, it was announced that Koo Kwang-mo, the nephew and adopted son of Koo Bon-moo, will be the new CEO of LG. Koo Bon-moo adopted his nephew in 2004, after losing his only son in 1994, citing "a family tradition of male-only succession".

Joint ventures

LG and

Hitachi () is a Japanese multinational corporation, multinational Conglomerate (company), conglomerate corporation headquartered in Chiyoda, Tokyo, Japan. It is the parent company of the Hitachi Group (''Hitachi Gurūpu'') and had formed part of the Ni ...

created joint ventures named

Hitachi-LG Data Storage Hitachi-LG Data Storage (HLDS, HL-DT-ST or H-L Data Storage), a joint venture between Hitachi and LG, is a manufacturer of DVD and Blu-ray The Blu-ray Disc (BD), often known simply as Blu-ray, is a digital optical disc data storage form ...

in 2000 and LG Hitachi Water Solutions in 2011; among other partnerships it has had, LG has a long relationship with Hitachi dating back to the early years of Goldstar. Since then Hitachi has transferred technologies for LG's products such as radios, wires, TVs, home appliances, semiconductors, etc. The first JV between the two is LG Hitachi, which has been around since 1980s when it was established to import computers to Korea. LG had two joint ventures with Royal Philips Electronics:

LG Philips Display LG.Philips Displays was a joint venture created in 2001 by LG Electronics of South Korea and Philips Electronics of the Netherlands in response to the maturing CRT market. It primarily manufactured CRTs used in traditional television sets. It wa ...

and

LG Philips LCD LG Display (Korean: LG 디스플레이) is one of the world's largest manufacturers and supplier of thin-film transistor liquid crystal display (TFT-LCD) panels, OLEDs and flexible displays. LG Display is headquartered in Seoul, South Korea, a ...

, but Philips sold off its shares in late 2008. In 2005, LG entered into a joint venture with Nortel Networks, creating LG-Nortel Co. Ltd. In 2020, LG and Canadian auto supplier Magna International launched a joint venture known as LG Magna e-Powertrain. The new joint venture will manufacture components used in electric cars such as electric motors, inverters and onboard chargers.

International markets

On 30 November 2012, comScore released a report of the October 2012 U.S. Mobile Subscriber Market Share that found LG lost its place as second in the U.S. mobile market share to Apple Inc. On 20 January 2013, LG has overtaken Apple to become second largest in U.S. market share. On 7 August 2013, comScore released a report of the June 2013 U.S. Smartphone Subscriber Market Share that found LG fell to fifth place in the U.S mobile market share.

Associated companies

GS Group GS Group is a South Korean conglomerate. GS comprises GS Holdings, subsidiaries & affiliates including GS Caltex, GS Retail, GS Shop, GS EPS, GS Global, GS Sports and GS E&C among others. The asset size is 65.4 trillion KRW at the end of 201 ...

* LS Group *

LIG Group LIG Nex1 Co., Ltd. (formerly known as NEX1 Future and LG Innotek) is a South Korean aerospace manufacturer and Arms industry, defense company. It was established in 1976 as Goldstar Precision. LIG Nex1 was previously owned by LIG Holdings Compan ...

* Heesung Group *

SPC Group SPC Group is a South Korean food company based in Seoul that manufactures food, bread and confectionery products. Sangmidang, the precursor of Samlip General Food was founded in 1945, and the group was launched in 2004. SPC Group is one of the ...

Structure and financial position

LG Corporation is a holding company that operates worldwide through more than 30 companies in the electronics, chemical, and telecom fields. Its electronics subsidiaries manufacture and sell products ranging from electronic and digital home appliances to televisions and mobile telephones, from Thin-film-transistor liquid-crystal displays to security devices and semiconductors. In the chemical industry,

subsidiaries A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a sa ...

manufacture and sell products including cosmetics, industrial textiles, rechargeable batteries and toner products,

polycarbonate Polycarbonates (PC) are a group of thermoplastic polymers containing carbonate groups in their chemical structures. Polycarbonates used in engineering are strong, tough materials, and some grades are optically transparent. They are easily work ...

s, medicines, and surface decorative materials. Its telecom products include long-distance and international phone services, mobile and broadband telecommunications services, as well as consulting and telemarketing services. LG also operates the Coca-Cola Korea Bottling Company, manages real estate, offers management consulting, and operates professional sports clubs.

Group families

Electronics industries

* LG Electronics * LG Appliances * LG Display * LG Innotek * ZKW Group

Chemical industries

* LG Chem * LG Energy Solution * SEETEC *

LG Household & Health Care LG Household & Health Care is a major South Korean consumer goods company that manages cosmetics, household goods, and beverages business. It is also the South Korean bottler of the Coca-Cola system. Summary History Founded in 1947, Koo In-Hw ...

** Ĭsa Knox ** Haitai HTB ** The Face Shop ** Beyond ** CNP ** CARE ZONE ** VONIN * Coca-Cola Beverage Company (South Korea) * LG Lever Korea

Telecommunications

* LG U+ * CS Leader * CS ONE Partner * LG CNS * V-ENS * BIZTECH & EKTIMO * Ucess Partners * Monkey House * Pixdix * G2R *

HS Ad HS Ad is an advertising agency that was established in 1984 as an affiliate of LG Group LG Corporation (or LG Group) (), formerly Lucky-Goldstar from 1983 to 1995 (Korean: ''Leokki Geumseong''; ), is a South Korean multinational cong ...

* Twenty Twenty ; Source

Sports sponsorship

LG owns the South Korean professional baseball team LG Twins, and is the main sponsor of basketball team Changwon LG Sakers. LG is also a partner of the American professional baseball team Texas Rangers.

Brand ambassadors

* David Warner (2014)

References

{{Commons category, LG Group 1947 establishments in Korea Chaebol Companies based in Seoul Companies listed on the Korea Exchange Conglomerate companies established in 1947 Conglomerate companies of South Korea Electronics companies established in 1947 Electronics companies of South Korea Holding companies established in 1947 Holding companies of South Korea Multinational companies headquartered in South Korea Telecommunications companies of South Korea Pump manufacturers Electric motor manufacturers Mobile phone manufacturers