LG

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LG logo (2023)

LG Corporation (Korean: 주식회사 LG), formerly known as Lucky-Goldstar (Korean: Leogki Geumseong; 럭키금성), is a South Korean multinational conglomerate corporation. It is the fourth-largest chaebol in South Korea. LG makes electronics, chemicals, and telecommunications products and operates subsidiaries such as LG Electronics, LG Display, LG Telecom, LG Chem, and LG Energy Solution in over 80 countries.

History

LG Corporation was established as Lak-Hui Chemical Industrial Corp. in 1947. In 1952, Lak-Hui (pronounced "Lucky", currently LG Chem) became the first South Korean company to enter the plastics industry. As the company expanded its plastics business, it established GoldStar Co. Ltd. (currently LG Electronics Inc.) in 1958. Both companies Lucky and GoldStar merged and formed Lucky-Goldstar in 1983. GoldStar produced South Korea's first radio. Many consumer electronics were sold under the brand name GoldStar, while some other household products (not available outside South Korea) were sold under the brand name of Lucky. The Lucky brand was famous for hygiene products such as soaps and HiTi laundry detergents, but the brand was mostly associated with its Lucky and Perioe toothpaste. In 1995, to better compete in the Western market, the Lucky-Goldstar Corporation was renamed "LG Corporation", adopting the abbreviation of Lucky and Goldstar. The company also associates the letters LG with the company's tagline "Life's Good". Since 2007, LG Corporation has been a sponsor of the International Cricket Council.

Business Areas

LG Corporation is involved in a wide range of businesses, including electronics, chemicals, and telecommunications. The company's major subsidiaries include:

• LG Electronics: Engaged in the production of a wide range of consumer and industrial electronics, including televisions, mobile phones, and home appliances.
• LG Display: Specializes in the production of displays for a variety of applications, including TVs, smartphones, and tablets.
• LG Chem: Focuses on the production of chemicals, industrial materials, and high-energy battery cells for electric vehicles.
• LG Energy Solution: Specializes in the development and production of lithium-ion batteries for electric vehicles and energy storage systems.
• LG Telecom: Provides telecommunications services and is involved in the development of broadband and mobile communication technologies.

Corporate Governance

The governance structure of LG Corporation includes a Board of Directors responsible for making major decisions and overseeing the overall management of the company. The board is supported by various committees, including an audit committee and a compensation committee, which are tasked with ensuring the company's compliance with regulatory standards and the alignment of executive compensation with company performance.

Social Responsibility

LG Corporation is committed to social responsibility and sustainability. The company's initiatives focus on environmental sustainability, including reducing greenhouse gas emissions and implementing recycling programs. LG also engages in various social contribution activities, such as educational programs and community development projects.

Controversies

Like many large conglomerates, LG Corporation has faced its share of controversies, including allegations of patent infringements and concerns over labor practices. The company strives to address these issues through legal channels and by adopting fair labor practices.

See Also

• Samsung Electronics
• Hyundai Motor Company
• SK Group

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