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Samsung

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Samsung
Company typePublic
IndustryElectronics, Finances, Insurance
Founded1938
Headquarters Suwon, South Korea
Key people
Lee Byung-chul, Lee Kun-hee
RevenueIncrease $142 billion (2005)
Increase $9.5 billion
Number of employees
229,000[citation needed]

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The Samsung Group is a South Korean conglomerate (chaebol) composed of numerous businesses, including Samsung Electronics, one of the world's largest electronics companies. Samsung Group is South Korea's largest exporter and is helmed by Chairman Kun-hee Lee, the third son of the founder Lee Byung-chul. The name "Samsung" means "three stars" or "tristar" in Korean. http://www.x1.ro

History

1950s - 1980s

  • 1950: Byung-Chul Lee founded Samsung trading company in Seoul ([YPM])
  • 1953: Samsung starts sugar production, which has since been spun off into the CJ Corporation.
  • 1958: Samsung starts insurance business.
  • 1963: The first Shinsegae department store opens in Seoul.
  • 1964: Samsung starts Tongyang Broadcasting Company(TBC), which later merged with KBS.
  • 1965: Samsung starts the Joong-Ang Ilbo daily newspaper, which is no longer affiliated with the company.
  • 1969: Samsung Electronics was founded.
  • 1974: Samsung Petrochemical and Heavy Industries were founded.
  • 1976: The company was awarded an export prize by the government as a part of the country's development program.
  • 1977: As a result of this export prize, Samsung Construction emerged. In addition, Samsung Shipbuilding is formed.
  • 1982: Samsung establishes a professional baseball team.
  • 1983: Samsung produces its first computer chip: a 64k DRAM chip.
  • Towards the end of the 1980s, Samsung pushed its efforts in petrochemicals and electronics

The 1990s and present

The 1990s saw Samsung rise as an international corporation. Not only did it acquire a number of businesses abroad, but also began leading the way in certain electronic components. Samsung's construction branch was awarded a contract to build one of the two Petronas Towers in Malaysia in September 1993 and the Burj Dubai in 2004, which is set to be tallest structure ever created by mankind. In 1996, the Samsung Group reacquired the Sungkyunkwan University foundation.

Compared to other major Korean companies, Samsung survived the Asian financial crisis of 1997-98 relatively unharmed. However, Samsung Motor Co, a $5 billion venture was sold to Renault at a significant loss. Most importantly, Samsung Electronics (SEC) was officially spun-off from the Samsung Group and has since come to dominate the group and the worldwide semiconductor business, even surpassing worldwide leader Intel in investments for the 2005 fiscal year. Samsung's brand strength has greatly improved in the last few years, despite scandals and political intrigue.

Considered a strong competitor by its rivals, Samsung Electronics expanded production dramatically to become the world's largest manufacturer of DRAM chips, refrigerators, flash memory, optical storage drives and it aims to double sales and become the top manufacturer of 20 products globally by 2010. It is now one of the world's leading manufacturers of plasma displays and next generation mobile phones. Due to its involvement in many fields, Samsung is involved in many legal controversies, such as patent infringements against other companies like Fujitsu, who claim to have created plasma display technology first. Samsung has also faced controversy in Korea for its anti-worker policies, although such claims are widely disputed.

Samsung Electronics, which saw record profits and revenue in 2004 and 2005, overtook Sony as one of the world's most valuable consumer electronics brands, and is now ranked #20 in the world overall.

By late 2005, Samsung had a net worth of US$77.6 billion.

Price fixing

On November 30, 2005, Samsung pled guilty to a charge it participated in DRAM price fixing collusion during 1999-2002 that damaged competition and raised PC prices. In a deal with prosecutors, Samsung Electronics Co. Ltd. and its U.S. subsidiary, Samsung Semiconductor Inc., were to pay a $300 million fine. As a result of this investigation, Hynix was to pay $185 million in 2005, and Infineon $160 million in 2004. Micron Technology, the US firm who initiated the case, cooperated with prosecutors and no fine is expected. Recently, a severely weakened Micron has teamed up with Intel to take on Samsung in the lucrative NAND flash business, although Intel has no desire to fully engage Samsung after Samsung drove Intel out of the flash business.

In October 2006 Samsung was again subpoenaed for price fixing SRAM, along with Mitsubishi, Sony, Toshiba, and Cypress Semiconductor.

Audio Branding

Along with Samsung's increasing recognition for various electronic components came a broad-reaching branding campaign supported by the audio branding experts, Musikvergnuegen, who created the sound of the Samsung Mnemonic in 2005. Composed by Austrian-born composer Walter Werzowa, who also founded Musikvergneugen, this was followed by various longform music pieces based off his signature melody. All are current today.

Criticisms

In a recent report, a number of consumers are complaining to Samsung Electronics after they found out that some PC monitors and laptops they have bought under the Samsung name are actually built on taiwan-made LCD panels. Several Samsung monitor models, including the 20-inch XL20 model, are built on non-Samsung panels either because the company does not produce that specific size, or because it is more affordable. [1]

Sports sponsorship

Samsung owns the soccer team, Suwon Samsung Bluewings, in South Korea.

Samsung signed the second biggest sponsorship deal in English football history with Premiership member Chelsea. Their five-year deal is estimated to be worth £50 million.

The company sponsors the rugby league team the Sydney Roosters in the Australian National Rugby League 1995-1997 2004-present.

It also sponsors the Melbourne Victory football club in the Australian A-League. The deal with Victory is also believed to be the largest in Australian club football history.

Also, Samsung supports Sport Club Corinthians Paulista in Brazil's Série A. Besides Corinthians, Brazil's subsidiary sponsors the Officer Motorsports racing team, which participates in the Brazilian Stock Car championship. Other [sports sponsorships of Samsung Brazil] are the football league of Rio Grande do Sul ('Campeonato Gaúcho'), the Samsung Masters (golf) and the Samsung 10K (running).

Samsung is an official partner of the Rio 2007 Pan American Games.

Samsung is a sponsor of the April NASCAR Nextel Cup race at Texas Motor Speedway, the Samsung 500. This sponsorship, initially with RadioShack from 2002-2006, was in doubt after the 2003 race because of NASCAR's ban on wireless telecommunication sponsors effective the 2004 season, but was grandfathered into the Nextel contract. (Nextel uses exclusively Motorola equipment.) However, after Sprint's merger with Nextel, the ban was rescinded for Samsung, because of Sprint's sale of Samsung products.

Samsung sponsors Show Jumping's Nations Cup Super League from 1996.

Samsung is the Worldwide Partner for the Olympic Games since 1997.

Samsung has been active in endorsing video game competitions, serving as a sponsor for the World Cyber Games and the professional gaming team, Samsung Khan

Subsidiaries of the Samsung Group

Electronics industries

Machinery and heavy industries

Chemical industries

Financial services

Retail services

Engineering & construction

Entertainment

Others

See also

References

  1. ^ "Non Samsung LCD complaints".

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