History of LG Electronics

history of lg electronics

History

The group was formed through the merger of two Korean companies, Lak-Hui (pronounced "Lucky") and GoldStar, from which the abbreviation of LG was derived. The current "Life's Good" slogan is a backronym. Before the corporate name change to LG, household products were sold under the brand name of Lucky, while electronic products were sold under the brand name of GoldStar (Hangul:금성). In January 2009 LG was able to buy the domain name LG.com for low six figures USD.
In 1994, GoldStar gained sponsorship from The 3DO Company to make the first 3DO Interactive Multiplayer. In 1995, GoldStar was renamed LG Electronics, and acquired the US electronics company Zenith. LG Solar Energy is a subsidiary formed in 2007 to allow LG Chem to supply polysilicon to LG Electronics for production of solar cells. In 2008, LG took its first dive into the solar panel manufacturing pool, as it announced a preliminary deal to form a joint venture with Conergy. Under the deal, set to be completed by year's end, LG would acquire a 75 percent stake in Conergy's Frankfurt solar-panel plant.LG has produced camcorders called ARTCAM and DSLRs.
By 2005, LG was a Top 100 global brand, and in 2006, LG recorded a brand growth of 14%.^[Its display manufacturing affiliate, LG Display, is now the world's largest plasma panel manufacturer.
On December 5, 2012, the antitrust regulators of European Union fined LG Electronics and several other major companies for fixing prices of TV cathode-ray tubes in two cartels lasting nearly a decade.

Operations

LG Electronics has about 75 subsidiaries worldwide. LG Electronics owns Zenith and controls 37.9 percent of LG Display.

Mobile Communications division

The Mobile Communications division provides mobile communication terminals, personal computers and communication devices.
LG mobile devices are made for CDMA networks worldwide. LG phones are available also in unlocked versions that can be used on any GSM and network worldwide.
LG sold 116.7 million mobile phones in 2010, corresponding to a market share of 8.4%.

Home Appliances division

The Home Appliances division manufactures refrigerators, washing machines, stoves, microwave ovens, vacuum cleaners, compressors, and motors.
Its 2007 sales totaled KRW 11.8 trillion, accounting for 29% of the company's total revenue. The division's profit was KRW 717.1 billion. About 35% of the company's home appliance revenue comes from the North American market.

Air Conditioning & Energy Solutions division

The Air Conditioning & Energy Solutions division makes air conditioners and LED lighting.