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The Foundation of LG

LG was established in 1947 as Korea's first chemical company, also becoming the nation's first electronics company with its expansion into home appliances in 1958. The new Corporate Identity was launched including the change of the group name from Lucky-Goldstar to LG in 1995. LG Group is a large South Korean chaebol (conglomerate), producing electronics , mobile phones, and petrochemical products.

The name LG comes from an abbreviation of "Lucky Goldstar" , the company's name until 1995. Before changing their name, many electronic products were sold under the brand name Goldstar, while some other household products (not available outside Korea) were sold under the brand name of "Lucky." The Lucky brand was famous for producing household cleaning products and laundry detergents in South Korea.


History

Established in 1947, Lucky Chemical Industrial Co. (now called LG Chemical), was the first chemical company in Korea. It expanded into the home appliance industry in 1958, becoming the country's first electronics company. LG is a joint cooperation between Koo and Heo families. Although the company used to be known as Lucky Goldstar, the corporate Web site states that "LG is not an acronym, there is no full name for LG." (Making matters even more confusing, LG also includes the phrase "Life's Good" in its print and web advertisements in the U.S.)


GS Group

In 2005, the company was split; the Koo family retained control of the LG group while the Heo family formed GS Holdings, which includes chemical, construction, telecommunications, and retail business among others. Numerous convenience stores, bookstores, and other retail companies which formerly operated under the LG logo were rebranded. The "GS" name, like LG, is derived from the conglomerate's older moniker, this from the "Goldstar " part.


Companies

LG has made a joint venture and created LG-Nortel Network. Since 2001 LG has two joint ventures with Royal Philips Electronics: LG.Philips Displays and LG.Philips LCD. LG also has a joint venture with Hitachi, Ltd.: Hitachi-LG Data Storage, which manufacters optical data storage solutions like DVD-ROM drives, CD writers, etc.