Samsung (Hangul: 삼성; hanja: 三星;
Korean pronunciation: [sʰamsʰʌŋ]) is a South Korean multinational conglomerate
company headquartered in Samsung Town, Seoul. It comprises numerous
subsidiaries and affiliated businesses, 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 1990s, Samsung has increasingly globalized its
activities and electronics, particularly mobile phones and semiconductors, have
become its most important source of income.
Notable Samsung
industrial subsidiaries include Samsung Electronics (the world's largest
information technology company measured by 2012 revenues, and 4th in market
value), Samsung Heavy Industries (the world's 2nd-largest shipbuilder measured
by 2010 revenues), and Samsung Engineering and Samsung C&T (respectively
the world's 13th and 36th-largest construction companies).[4] Other notable
subsidiaries include Samsung Life Insurance (the world's 14th-largest life
insurance company), Samsung Everland (operator of Everland Resort, the oldest
theme park in South Korea) and Cheil Worldwide (the world's 15th-largest
advertising agency measured by 2012 revenues).
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”.
Its affiliate companies produce around a fifth of South Korea's total exports.Samsung's
revenue was equal to 17% of South Korea's $1,082 billion GDP.
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