Founded in 1947, LG Corporation is a globally renowned brand that has revolutionized the electronics industry. From smartphones and televisions to home appliances and automotive products, LG has been at the forefront of technological innovation for decades. However, amidst the remarkable success of this conglomerate, a fundamental question arises: Who is the visionary founder behind LG Corporation? In this article, we delve into the intriguing history of LG and shed light on the brilliant mind that laid the foundation for one of the world’s leading corporations. Join us on a journey to discover the remarkable story behind LG and its enigmatic founder.
About LG
LG Corporation is a South Korean multinational conglomerate headquartered in Seoul, South Korea. It is the fourth-largest chaebol in South Korea, with over 200,000 employees worldwide. 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.
LG is a major contributor to the South Korean economy. It employs over 200,000 people in South Korea and generates billions of dollars in revenue each year. LG is also a major exporter, with products sold in over 100 countries around the world.
It is known for its innovative products, such as the LG G smartphone and the LG OLED television. LG is also a major player in the chemical industry. It produces a wide range of chemicals, including plastics, fertilizers, and pharmaceuticals.
Associated companies
- GS Group
- LS Group
- LIG Group
- LX Group
Who is the founder of LG?
LG or LG Corporation was founded in 1947 by Koo In-hwoi. Koo was a Korean businessman who made his fortune in the chemical industry. He founded LG as a chemical company, but it quickly expanded into other areas, such as electronics and telecommunications. Under Koo’s leadership, LG grew into one of the largest companies in South Korea.
History
LG Corporation was founded in 1947 by Koo In-hwoi as Lak Hui Chemical Industrial Corp. In 1952, the company changed its name to Lucky Chemical Industrial Corp. and became the first South Korean company to enter the plastics industry. In 1958, Lucky Chemical established GoldStar Co. Ltd., which would later become LG Electronics Inc. In 1983, Lucky Chemical and GoldStar merged to form Lucky-Goldstar.
Lucky-Goldstar was a major player in the South Korean economy, and its products were sold all over the world. In 1995, the company changed its name to LG Corporation. The new name was chosen to reflect the company’s global ambitions and its commitment to providing high-quality products and services.
LG Corporation is now one of the largest chaebols in South Korea. It has operations in over 80 countries and employs over 250,000 people. The company’s products include electronics, chemicals, and telecommunications equipment. LG is a major player in the global market, and its products are known for their quality and innovation.
In May 2018, Koo Bon-moo, the chairman of LG Corporation, died of a brain tumour. He was succeeded by his nephew, Koo Kwang-mo. Koo Kwang-mo was adopted by Koo Bon-moo in 2004 after Koo Bon-moo’s only son died in 1994.
LG Corporation is a family-owned business, and the Koo family has controlled the company since its founding. The Koo family is one of the wealthiest families in South Korea, and its members are active in politics and business.
LG Corporation is a major force in the South Korean economy, and it plays an important role in the country’s global competitiveness. The company is committed to innovation and quality, and it is a leader in the global electronics market.
Business
LG Corporation is a global holding company with over 30 subsidiaries operating in the electronics, chemical, and telecom sectors. Its electronics subsidiaries produce and sell a wide range of products, including home appliances, televisions, mobile phones, displays, security devices, and semiconductors. In the chemical industry, LG manufactures and sells cosmetics, textiles, batteries, toner products, medicines, and decorative materials.
LG’s telecom division offers phone services, mobile and broadband telecommunications, and consulting and telemarketing services. Additionally, LG is involved in various other businesses such as managing the Coca-Cola Korea Bottling Company, real estate, management consulting, and professional sports clubs.
LG has established joint ventures and partnerships with several companies. Notably, LG collaborated with Hitachi to create joint ventures like Hitachi-LG Data Storage and LG Hitachi Water Solutions. LG also had joint ventures with Royal Philips Electronics, including LG Philips Display and LG Philips LCD, although Philips sold its shares in 2008.
Another significant partnership was formed with Nortel Networks, resulting in the establishment of LG-Nortel Co. Ltd. In 2020, LG joined forces with Canadian auto supplier Magna International to launch a joint venture called LG Magna e-Powertrain, focusing on manufacturing components for electric vehicles, such as electric motors, inverters, and onboard chargers.
