Samsung – Company Overview, History, Products

Samsung Electronics Co. Ltd. is one of the largest and most popular South Korean multinational conglomerates. Samsung is currently owned by the Samsung Group which is currently headquartered in Samsung town, Seoul, South Korea. Samsung currently employs more than 2,60,000 employees worldwide. The various subsidiaries working under Samsung include Samsung electronics, Samsung SDS, Samsung engineering, Samsung biologics, Samsung fire and marine insurance, Samsung Life insurance, Samsung heavy industries, Samsung C&T corporation, Samsung SDI, Samsung electro-mechanics, and Cheil Worldwide. Samsung is currently one of the largest business conglomerates with the 8th largest global brand value.

Samsung electronics which is a part of the Samsung Group is one of the largest tech companies for manufacturing consumer electronics and a silicon chip maker. Samsung is the second largest phone manufacturing company in the world. Also, Samsung Heavy Industries is the second largest shipbuilding company in the world along with Samsung engineering.

Samsung has diversified itself into multiple business products like consumer electronics, home appliances, chip manufacturing, clothing, medical equipment, and telecommunications. Its various services also include advertising, financial services, information technology, medical services, semiconductors, shipbuilding, hospitality, construction, and advertisements.

Samsung – History & Overview:

Samsung was initially founded by Lee Byung Chul in 1938 as a retail company in Daegu city under the name of Mitsubishi Trading Company. It was initially focused on food processing, manufacturing, textiles, insurance, and trade & retail. Later on, Samsung diversified itself into the electronics and IT industry in the 1960s such as Samsung electronics, Samsung Corning, and Samsung semiconductors. Samsung manufactured the first Black and white TV during this time.

By the 1970s, Samsung also entered the shipbuilding, construction, and infrastructure business to diversify its revenue. In 1987, the founder of Samsung Group Lee Byung Chul died which led to the division of Samsung into 5 companies namely – Samsung Group, CJ Group (Food and chemicals), Hansol Group (Paper and Telecommunications), JoongAng Group (media), and Shinsegae Group (departmental stores).

During the 1990s, Samsung focused to invest in the research and development of its products and diversify its business all over the world beginning in the United States by setting up multiple manufacturing plants. 

During this time Samsung won multiple contracts for its construction business like Burj Khalifa in the United Arab Emirates, Petronas towers in Malaysia, and Taipei 101 in Taiwan. Samsung also became the world’s largest producer and manufacturer of LCD screens, semiconductors, and mobile phones. By 1999, Samsung also started developing gas turbines and aircraft engines for its commercial airline business.

In 2008, Samsung started its Galaxy line of smartphones which changed the game for Samsung. By 2012, Samsung electronics became the world’s largest smartphone manufacturing company by beating other companies. In the same year, Samsung had to pay a 1 billion dollar fine to Apple for violating its patents using Apple’s smartphone technology. In 2018, Samsung established the world’s largest mobile manufacturing industry in Noida, India which was inaugurated by Prime Minister Narendra Modi.

Samsung – Products and Services

The various products and services of Samsung are as follows:

Consumer electronics – Samsung is one of the largest consumer electronics manufacturing companies which includes air conditioners, mobile phones, semiconductors, refrigerators, monitors, TVs, and AMOLED displays. It is one of the largest sources of revenue for Samsung.

Construction – Samsung is also known for its construction in infrastructure services. Samsung has developed multiple popular skyscraper buildings like Burj Khalifa in the United Arab Emirates, Taipei 101 in Taiwan, and Petronas towers in Malaysia.

Pharmaceutical – Samsung biologics is known for its biopharmaceutical manufacturing of drugs and medicines for curing harmful diseases.

Ship Building – Samsung Heavy Industries is the largest shipbuilding engineering company in South Korea that manufactures container vessels for crude oil and passengers due to which trade takes place in the world.

Insurance – Samsung also provides insurance services for accident vehicles, casualty, fire & marine insurance, and life insurance as well.

Energy – Samsung SDI is known for the development of energy solutions and products using electrically rechargeable batteries or solar and wind-powered energy systems.

IT Services – Samsung SDS also provides various IT services like consulting, customer care, and outsourcing technical services. It uses artificial intelligence, blockchain, and the internet of things to manage its business.

Wrapping Up:

Hence, Samsung is one of the largest multinational manufacturing conglomerates that has diversified itself into multiple areas like consumer electronics, insurance, advertisement, construction, financial services, IT services, medical services, semiconductor manufacturing, shipbuilding, and trade & retail.