He started a sugar refinery in Busan named Cheil Jedang.
When the Korean War broke out, he was forced to leave Seoul. The company prospered and Lee moved its head office to Seoul in 1947. It dealt in dried-fish, locally-grown groceries and noodles. Samsung started out as a small trading company with forty employees located in Su-dong (now Ingyo-dong).
In 1938, during Japanese-ruled Korea, Lee Byung-chul (1910–1987) of a large landowning family in the Uiryeong county moved to nearby Daegu city and founded Mitsuboshi Trading Company (株式会社三星商会 ( Kabushiki gaisha Mitsuboshi Shōkai )), or Samsung Sanghoe (주식회사 삼성상회). The word "three" represents something "big, numerous and powerful", while "stars" means "everlasting" or "eternal", like stars in the sky. EtymologyĪccording to Samsung's founder, the meaning of the Korean hanja word Samsung ( 三 星) is "three stars". 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, as measured by 2012 revenues). Notable Samsung industrial affiliates include Samsung Electronics (the world's largest information technology company, consumer electronics maker and chipmaker measured by 2017 revenues), Samsung Heavy Industries (the world's second largest shipbuilder measured by 2010 revenues), and Samsung Engineering and Samsung C&T Corporation (respectively the world's 13th and 36th largest construction companies). Following Lee's death in 1987, Samsung was separated into five business groups – Samsung Group, Shinsegae Group, CJ Group and Hansol Group, and JoongAng Group. 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. Over the next three decades, the group diversified into areas including food processing, textiles, insurance, securities, and retail. Samsung was founded by Lee Byung-chul in 1938 as a trading company. As of 2020, Samsung has the eighth highest global brand value. It comprises numerous affiliated businesses, most of them united under the Samsung brand, and is the largest South Korean chaebol (business conglomerate). Samsung Group, or simply Samsung ( Korean: 삼성 ) (stylized as SΛMSUNG), is a South Korean multinational manufacturing conglomerate headquartered in Samsung Town, Seoul, South Korea.
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