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The LG Company launch in the electronics industry in 1958. This enabled the LG Group to expand their areas of activities to the field of electronic products. LG quickly managed to become a leader in the electronic industry in Korea. It developed and distributed the first radios in that country.
The Beginnings of LG
In 1959, it designed and manufactured electric fans, automatic phones in 1960, refrigerators in 1961, black and white televisions in 1965, and washing machines in 1969.
The initial stage of LG can be presented as the history of exploration for developing and delivering products essential to the lives of people around the globe, who were living in poor conditions because of the primitive atmosphere that the industry was going through at that time.
In the 1960s, LG established the basis for a large group of activities through an aggressive participation in many new areas. With the chemical industry and the electrical and electronic industries, as two major fields of activities, in 1962, LG Electric Cable was established to expand their activities in the field of electricity and electronics, and with the establishment of LG Oil Refinery, Korea's first crude oil refinery in 1967, it carried out an innovative development. All of this converted LG into a leader in chemical, energy, electricity and electronics, welcoming the 1970s with strong capabilities and ambitions.
Practical Development and Expansion of Activities
With the sudden death of Koo In-Hwoi, founder and president of LG, which had put emphasis on 'pioneering spirit' and 'an administration to give priority to human existence,' LG began to be managed by Koo Cha-Kyung in January 1970. The new president of LG accelerated its growth with the motto of 'stable and successful growth with pioneering spirit.' In the 1970s, LG emerged as a world-class company with the expansion of activities in high technology areas. In addition, it went into the service industries, including financial, logistical. Based on two major activities, chemical industries and the electrical and electronic industries, with the establishment of some companies including LG Fire and Maritime insurane, and LG Investment and Securities, LG began to explore large external markets by expanding its activities in the financial field, distribution, service, etc., as well as in areas related to advanced technology such as petrochemicals, semiconductors, etc. It remained this way even in the 1980s.
In February of 1990, LG release 'the plans of operation for the 21st century.' Creating value for customers through an administration based on 'respect for human dignity' was their motto for that decade. LG Chemicals completed construction of the petrochemical complex Youchon in May 1990. This provided, for the first time in Korea, a complete system of production of petrochemical products, from household goods and plastic materials for the construction to chemical precision and advanced medicines.
Moreover, LG electronics acquired fame in the household appliances industry, recording a cumulative production of five million washing machines in 1990, fifty million TVs in 1991, and twenty million refrigerators in 1995, all for the first time in Korea.
In 1995, LG changed its name from 'Lucky Goldstar' to 'LG.' At that time LG established companies like LG Home Shopping, LG Telecom and LG Internet and launched into new areas of activities to address the era of information technology and the Internet.
LG Philippines Today
At the moment, LG is still one of the most well-known electronic companies in the Philippines and around the globe. Their most popular high-tech devices are smartphones, as they contain first class features at a price that won't hurt the wallet of most consumers; take the LG Optimus L70, for example. Ever since it was launched to the public, this smartphone has received numerous of positive reviews and ratings on a handful of reputable online sites, due to its A+ appearance, A+ price, and A+ features.