South Korean Trade and Manufacturers – 3 top Korean brands
South Korea contributes to the world economy with many well-known companies, most of which deal in car manufacturing and electronic goods. The top three South Korean manufacturers are:
Hyundai is another top South Korean group of companies and it was founded in 1947 by Chung Ju-Yung as a construction company. Hyundai in Korean means modernity. Hyundai Motor Company is the best-known Hyundai business in the world. Following the East Asian Financial Crisis in 1997 and its founder’s death in 2001, Hyundai underwent a complete renovation process and it was divided into a number of other businesses, which are legally independent from one another.
These groups are: Hyundai Group (that deals with elevators and containers production); Hyundai and Kia Automotive Group; Hyundai Department Store Group; Hyundai Development Group and Hyundai Heavy Industries Group
Samsung is a South Korean business conglomerate or trust (chaebol in Korean), composed by several businesses (like, for example, Samsung electronics). The word Samsung in Korean means three stars and the company was founded in 1950 by Byung-Chul Lee. Since then Samsung grew immensely, to include many different sectors such as: electronics, machinery and heavy industries, chemical industries, financial services, retail services, engineering and construction, entertainment (Samsung owns Everland, the Shilla Hotel and a baseball team called Samsung Lions), communication, research and education.
LG is a large South Korean chaebol or companies conglomerate and it produces electronics, mobile phones and petrochemical products. LG was founded in 1947 and, until 1995, it was called Lucky Goldstar. At the time, many electronic products were sold under the name Goldstar and chemical products, such as cleaning products only available in South Korea, under the name Lucky. LG has formed two joint ventures with Royal Philips Electronics (LG Philips Display and LG Philips LCD), a joint venture with Nortel Networks (LG-Nortel) and another with Hitachi. LG also owns the baseball team LG Twins.