Samsung Group
Founded1938
Headquarters
Seoul, South Korea
Key people
Lee Byung-chul
Industry
Electronics, Finances, Insurance
Revenue
$79.5 billion (2005)
Net income
$7.5 billion
Employees
229,000
Slogan
Imagine the Possibilities
The Samsung Group is composed of numerous South Korean businesses including Samsung Electronics. It is helmed by Chairman Kun-hee Lee. The name "Samsung" means "three stars" or "tristar" in Korean. Samsung was founded by Lee Byung-chul.
The 1990s saw Samsung rise as an international corporation. Not only did it acquire a number of businesses abroad, but also began leading the way in certain electronic components. Samsung's construction branch was awarded a contract to build one of the two Petronas Towers in Malaysia in September 1993 and the Burj Dubai in 2004, which is set to be tallest structure ever created by mankind.
Compared to other major Korean companies, Samsung survived the Asian financial crisis of 1997-98 relatively unharmed. However, Samsung Motor Co, a $5 billion venture was sold to Renault at a significant loss. Most importantly, Samsung Electronics (SEC) was officially spun-off from the Samsung Group and has since come to dominate the group and the worldwide semiconductor business, even surpassing worldwide leader Intel in investments for the 2005 fiscal year. Samsung's brand strength has greatly improved in the last few years, despite scandals and political intrigue.
Considered a strong competitor by its rivals, Samsung Electronics (SEC) expanded production dramatically to become the world's largest manufacturer of DRAM chips, refrigerators, flash memory, optical storage drives and it aims to double sales and become the top manufacturer of 20 products globally by 2010. It is now one of the world's leading manufacturers of plasma displays and next generation mobile phones. Due to its involvement in many fields, Samsung is involved in many legal controversies, such as patent infringements against other companies like Fujitsu, who claim to have created plasma display technology first. Samsung has also faced controversy in Korea for its anti-worker policies, although such claims are widely disputed.
Compared to other major Korean companies, Samsung survived the Asian financial crisis of 1997-98 relatively unharmed. However, Samsung Motor Co, a $5 billion venture was sold to Renault at a significant loss. Most importantly, Samsung Electronics (SEC) was officially spun-off from the Samsung Group and has since come to dominate the group and the worldwide semiconductor business, even surpassing worldwide leader Intel in investments for the 2005 fiscal year. Samsung's brand strength has greatly improved in the last few years, despite scandals and political intrigue.
Considered a strong competitor by its rivals, Samsung Electronics (SEC) expanded production dramatically to become the world's largest manufacturer of DRAM chips, refrigerators, flash memory, optical storage drives and it aims to double sales and become the top manufacturer of 20 products globally by 2010. It is now one of the world's leading manufacturers of plasma displays and next generation mobile phones. Due to its involvement in many fields, Samsung is involved in many legal controversies, such as patent infringements against other companies like Fujitsu, who claim to have created plasma display technology first. Samsung has also faced controversy in Korea for its anti-worker policies, although such claims are widely disputed.
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12:24 PM
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