LG Corp. facts for kids
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Logo used since 2014
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Headquarters at Yeouido-dong, Yeongdeungpo District in Seoul, South Korea
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Native name
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주식회사 엘지
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Formerly
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Lucky-Goldstar (1983–1995) |
| Public, chaebol | |
| Traded as | KRX: 003550 |
| Industry | Conglomerate |
| Founded | 5 January 1947 |
| Founder | Koo In-hwoi |
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South Korea
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Area served
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Worldwide |
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Key people
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| Products | |
| Revenue | KRW 83.5 trillion (approx. 62.32 billion USD) (2023) |
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Number of employees
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74,000 (2023) |
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LG Corporation (also known as LG Group) is a very large company from South Korea. It was once called Lucky-Goldstar. This company is a multinational conglomerate, which means it's a huge business that owns many different types of companies.
LG was started by Koo In-hwoi. His family has continued to manage the company for generations. It is one of the biggest chaebols in South Korea. A chaebol is a large family-run business group. LG's main office is in the LG Twin Towers building in Seoul, South Korea. LG makes many products, like electronics, chemicals, and telecommunications devices. It also owns famous companies such as LG Electronics and LG Chem. LG operates in over 80 countries around the world.
Contents
How LG Started and Grew
The Early Years of Lucky-Goldstar
LG Corporation began in 1947 as Lak Hui Chemical Industrial Corp. Koo In-hwoi was its founder. In 1952, Lak Hui (which means "Lucky") became the first company in South Korea to make plastics. This was a big step for the company.
As the plastics business grew, LG started another company called GoldStar Co. Ltd. in 1958. GoldStar later became LG Electronics Inc. In 1983, the two companies, Lucky and GoldStar, joined together. They formed a new company called Lucky-Goldstar.
Making South Korea's First Radio
GoldStar made South Korea's very first radio. Many electronic products were sold under the GoldStar brand name. Other household items, like soaps and laundry detergents, were sold under the Lucky brand. The Lucky brand was also well-known for its toothpastes. LG still makes some of these household products for people in South Korea today.
The Name Change to LG
Koo In-hwoi led the company until he passed away in 1969. His son, Koo Cha-kyung, then took over the leadership. In 1995, Koo Cha-kyung passed the company to his son, Koo Bon-moo.
Koo Bon-moo decided to change the company's name to LG in 1995. The company also uses the letters LG to stand for its famous slogan, "Life's Good." In 2009, LG bought the internet address LG.com. Koo Bon-moo passed away in 2018. His nephew and adopted son, Koo Kwang-mo, became the new CEO of LG in July 2018.
What LG Does Today
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LG Corporation is a holding company. This means it's a company that owns many other companies. LG works all over the world through more than 30 different businesses. These businesses are in areas like electronics, chemicals, and telecommunications.
LG's Main Products and Services
LG's electronics companies make and sell many products. These include home appliances, televisions, and mobile phones. They also make special screens called thin-film-transistor liquid-crystal displays (TFT LCDs). Other products are security devices and tiny electronic parts called semiconductors.
In the chemical industry, LG's companies make things like cosmetics and industrial fabrics. They also produce rechargeable batteries, medicines, and materials for decorating surfaces. LG's telecom businesses offer phone services, mobile internet, and broadband services. They also provide advice and telemarketing services. LG even manages real estate, offers business advice, and owns professional sports teams.
Companies Under LG
LG has many different companies that are part of its group. Here are some of the main ones:
- LG Electronics
- LG Display
- LG Innotek
- LG Chem
- LG Energy Solution
- LG Household & Health Care
- LG U+
- LG CNS
- G2R
- HS Ad
Working with Other Companies: Joint Ventures
LG often works with other companies on special projects. This is called a joint venture. It means two or more companies team up for a specific business goal.
- Hitachi: LG and Hitachi created joint ventures like Hitachi-LG Data Storage in 2000. They also formed LG Hitachi Water Solutions in 2011. LG has worked with Hitachi for a long time, even when LG was called Goldstar. Hitachi shared technology for many LG products, like radios and TVs.
- Philips: LG used to have two joint ventures with Royal Philips Electronics: LG Philips Display and LG Philips LCD. However, Philips sold its shares in these companies in 2008.
- Nortel: In 2005, LG teamed up with Nortel Networks to create LG-Nortel Co. Ltd.
- Magna International: In 2020, LG and a Canadian company called Magna International started a joint venture called LG Magna e-Powertrain. This new company makes parts for electric cars. These parts include electric motors and chargers.
Companies Connected to LG
Some other large business groups in South Korea were once part of LG. They are now separate but still have historical ties. These include:
- GS Group
- LS Group
- LIG Group
- LX Group
LG and Sports
LG is involved in sports in several ways. It owns a professional baseball team in South Korea called the LG Twins. LG is also the main sponsor for the basketball team Changwon LG Sakers. In the United States, LG is a partner of the professional baseball team Texas Rangers.
LG has also sponsored many football (soccer) clubs in Europe. These include:
- Girondins de Bordeaux (1999–2000)
- Leicester City F.C. (2001–2003)
- Olympique Lyonnais (2004–2006)
- AEK Athens (2006–2009)
- Fulham F.C. (2007–2010)
- Bayer 04 Leverkusen (2013–2016)
Images for kids
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An LG microwave oven
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LG washer and dryer on pedestals
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LG's ad campaigns have utilized celebrities such as South Korean pop group Girls' Generation as in this ad for the LG Cookie cell phone in 2010.
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LG Side-By-Side Refrigerator (KF-P8903 HLP)
See also
In Spanish: LG Corporation para niños
