LG Electronics | Company which actually made Life Good

LG Electronics Inc. is a South Korean Multinational Electronics Company. It has its Headquarters located in Yeouido-dong, Seoul, South Korea. The company has 128 operations worldwide, employing more than eighty three thousand people.

History of LG

LG Electronics was founded in the year 1958 as GoldStar. The company was founded after the Korean War to rebuild the nation with domestic consumer electronics and home appliances. The country started national Broadcasting which led to the boom of the electronic market and a close relationship with Hitachi helped the company produce South Korea’s first radio, TV, refrigerators, washing machines and also air conditioners. GoldStar merged with Lucky Chemical and LS Cable on 28 February 1995, changing the corporate name to Lucky-Goldstar and then finally to LG Electronics.

Way Towards success

The company was doing well in the country and also produced 1 million Television every year. In the year 1982, Goldstar opened its first overseas factory in Huntsville, Alabama, the United States. In the year 1988, LG launched World’s first plasma TV that was 60 inches. They also collaborated with Phillips in 1999 and came up with LG. In the year 2009, its display manufacturing affiliate was the world’s largest LCD manufacturer. LG entered the smartphone market and came up with the first smartphone in the year 2010. Philips LCD also known as LG Display. LG Electronics plays a large role in the global consumer electronics industry; it was the second-largest LCD TV manufacturer worldwide as of 2013.

Products Line

LG Electronics’ products include televisions, home theatre systems, refrigerators, washing machines, computer monitors, wearable devices, solar modules, smart appliances and, formerly, smartphones. LG also manufactures home appliances like tumble dryers, vacuum cleaners, air conditioners and microwave ovens. They also have smart appliances like HomeChat.

In 2021 the company officially shut down its mobile division due to less demand and interest in the smartphone market. The decision to shut down LG Mobile came about from poor sales caused by stiff competition from rival Samsung and Chinese budget brands such as Oppo and Xiaomi.

Sponsorships

LG Electronics has its own sporting team which is the Korean Baseball Organisation (KBO) LG, Twins. The company was also the sponsor of German Bundesliga club Bayer 04 Leverkusen from the year 2013 to the year 2016. LG sponsors the International Cricket Council, the world governing body for cricket and also sponsors the ICC Awards. The Electronics company-sponsored Formula One as a Global Partner and Technology Partner from the year 2009 to 2013. LG also sponsors London Fashion Week and the LG Arena in Birmingham.

Covid 19 concerns

The company launched a video campaign showing some of the initiatives the company has taken during the COVID-19 pandemic to support India. To cope with the demand for contactless shopping during the covid-19 pandemic LG has opened a number of unmanned stores where the customers come and scan a QR code and go through the information using a smartphone. Currently, these retail locations are only available in South Korea.

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