History of Samsung
“Inspire the World, Create the Future”
This is the latest tagline of Samsung, the largest South Korean multinational conglomerate company with their headquarters located in Samsung Town, Seoul. It is comprised of numerous subsidiaries and affiliated businesses, with most of them united under the Samsung brand. Their new vision reflects the company’s commitment to inspire its communities by influencing them using Samsung’s three key strengths: ‘new technology’, ‘innovative products’, and ‘creative solutions’. In addition, they are promoting new value for Samsung’s core networks – Industry, Partners, and Employees. Samsung wants to contribute to a better world and a richer experience for all.
Back in 1938, Samsung is a trading company founded by Lee Byung-chul. Over the next three decades, they diversified into different areas including food processing, textiles, insurance, securities, and retail. In the late 1960’s, Samsung entered the electronics industry.
In the mid-1970’s they also entered the construction and shipbuilding industry. After Lee died in 1987, Samsung separated into four business groups – Samsung Group, Shinsegae Group, CJ Group, and Hansol Group. In the start of 1990’s, Samsung has increased its activities and electronics around the world, particularly their mobile phones and semiconductors. It became the most important source of income for the group. Samsung has a powerful influence on South Korea’s economic development, politics, media, and culture.
Today, Samsung has more than 350,000 employees in 80 countries, which includes 70,000 engineers in 34 R&D Centers. In addition, there is USD 33 million for the daily R&D investment. Therefore, it is not surprising that the company has already had 5,072 patents registered in the U.S. and 2,300 in Europe that make them on the second place in both places.
Here are some of the notable Samsung industrial subsidiaries:
It is the world’s largest information technology company. They have been one of the main manufacturers of electronic components including lithium-ion batteries, semiconductors, chips, flash memory, and hard drives devices. These days, the company is famous for releasing the Samsung Galaxy series of their smartphones and tablets. However, one of their major concerns was the latest Samsung Note 7 that has been reported to be exploding due to battery issues. There is still an on-going investigation regarding this matter. Despite this problem, the company announced that they will push through with Samsung Note 8 and assured their clients that the incident won’t happen again.
Samsung Heavy Industries
This is the world’s 2nd largest ship builder. Their main focus is on constructing ships, offshore floaters, gantry cranes, digital devices for ships, and other construction and engineering concerns. Together with electricity and electronics business, the company has used digital technology to their shipbuilding and offshore business. Some of their famous ship network systems are FuGas and PURIMAR which are fuel gas supply & storage system and ballast water management system, respectively.
It’s the 13th largest construction company all over the world. They provide a full range of engineering services that include feasibility studies, design, procurement, construction, and commissioning. Furthermore, the company is involved with environmental, industrial, power, petrochemicals, refinery, and oil & gas processing businesses. Their main goal is to provide the best service while making it environmentally sustainable, energy efficient, and lower carbon dioxide emission.
It is included in the list of largest construction companies holding the 36th place. They have proven their expertise in engineering, procurement, and construction for 38 years. They built skyscrapers, industrial plants and power plants, civil infrastructure, and housing & building. The company is also involved in fashion trends, resort, and trading and investment.
Samsung Life Insurance
This is the world’s 14th largest company and the largest insurance company in South Korea. It has five divisions which are insurance, loan, corporate pension, fund, and trust. Its principal products are life insurance, health insurance, pension insurance, guarantee insurance, savings insurance, and annuities.
If ever you visit the South Korea, you should check the Everland Resort. It is the oldest theme park in the country and is managed by Samsung. The park is usually open from 10 a.m. up to 9 p.m. There are several attractions and rides that everyone can enjoy. In addition, there are Zootopia and Plantopia where visitors can interact or watch the animals like monkeys, sea lions, pandas, tigers, lions, and much more.
This is the world’s 15th largest advertising agency. They offer advertising, public relations, shopper marketing, sports marketing, and digital marketing. Their main work is the advertisement of Samsung electronics. 25 percent of the company is owned by Samsung Electronics and Samsung C&T.
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