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The company is one of the world’s largest in the electronics sector (and in fact is one of the largest of any kind in terms of both profit margin and global presence). LG’s business operations are divided into five key areas: Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning and Energy Solution, and Vehicle Components.
The company is also the world’s second-largest producer of televisions, and leads the market in several other categories of appliances.
LG Electronics was founded in Seoul in 1958, originally under the name of GoldStar. In the aftermath of the Korean War, there existed a significant gap in the Korean market for domestically produced consumer electronics and appliances, which the new startup company sought to fill.
GoldStar was the first Korean company to produce what are now commonplace household items such as radios, televisions, refrigerators, washing machines, and air conditioners, among many others, and the fact that the company’s products proved to be of a similar quality and standard to those produced overseas helped to spur on its initial growth.
Just two decades after being founded, LG Electronics was exceeding the hundred million dollar mark in total revenue from exports alone. By then, the quality and technological innovation offered by LG products was well established around the world.