History samsung

History
The building of Samsung Sanghoe in Daegu in the 1938s


In 1938, Lee Byung-chull (1910–1987) of the large landowning family in the Uiryeong county came to the nearby Daegu city and founded Samsung Sanghoe (삼성상회), a small trading company with forty employees located in Su-dong (now Ingyo-dong). It dealt in green-grocery and dried fish produced in and around the city, and the noodles, Byeolpyo Guksu produced itself. The company prospered and Lee moved its head office to Seoul in 1947. When the Korean War broke out, however, he was forced to leave Seoul and started a sugar refinery in Busan as a name of Cheil Jedang. It was the first South Korean sugar manufacturing facility. After the war, in 1954, Lee founded Cheil Mojik and built the plant in Chimsan-dong, Daegu. It was the largest woolen mill ever in the country and the company took on an aspect of a major company.

Samsung diversified into many areas and Lee sought to establish Samsung as an industry leader in a wide range of enterprises and the company started moving into businesses such as insurance, securities, and retail. South Korean President Park Chung-hee’s regime during the 1960s and 1970s would prove a boon for Samsung. Park placed great importance on industrialization, and focused his economic development strategy on a handful of large domestic conglomerates, protecting them from competition and assisting them financially. Samsung was one of these companies and Park banned several foreign companies from selling consumer electronics in South Korea in order to protect Samsung from foreign competition and nurture an electronics manufacturing sector that was in its infancy[citation needed].





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