Samsung Group
(Hangul: 삼성; Hanja: 三星; Korean pronunciation: [sʰamsʰʌŋ]) is a South Korean multinationalconglomerate headquartered in Samsung Town, Seoul.[1] It comprises numerous affiliated businesses,[1] most of them united under the Samsung brand, and is the largest South Korean chaebol (business conglomerate).
Samsung
was founded by Lee Byung-chul in 1938 as a trading company.
Over the next three decades, the group diversified into areas including food
processing, textiles, insurance, securities and retail. Samsung entered
the electronics industry in the late 1960s and
the construction and shipbuilding industries in the mid-1970s; these areas
would drive its subsequent growth. Following Lee's death in 1987, Samsung was
separated into four business groups – Samsung Group, Shinsegae Group, CJ Group and Hansol Group.
Since 1990, Samsung has increasingly globalised its activities and electronics;
in particular, its mobile phones and semiconductors have become its most
important source of income.
Notable
Samsung industrial affiliates include Samsung Electronics (the world's 2nd
largest information technology company measured by 2015
revenues, and 5th in market value),[4] Samsung Heavy Industries (the world's
2nd largest shipbuilder measured by 2010 revenues),[5] and Samsung Engineering and Samsung C&T (respectively
the world's 13th and 36th largest construction companies).[6] Other
notable subsidiaries include Samsung Life Insurance (the world's 14th
largest life insurance company),[7] Samsung Everland (operator
of Everland Resort, the oldest theme park in
South Korea)[8] and Cheil Worldwide (the
world's 15th largest advertising agency measured by 2012 revenues).[9][10]
Samsung
has a powerful influence on South Korea's economic development, politics, media
and culture and has been a major driving force behind the "Miracle on the Han River".[11][12] Its
affiliate companies produce around a fifth of South Korea's total exports.[13] Samsung's
revenue was equal to 17% of South Korea's $1,082 billion GDP.[14]