History of LG Electronics: What does LG Stand for?
What does LG stand for?
“What does LG stand for?” is one of the most common questions asked by mobile phone users who are curious about the manufacturer of their communications device. Well, LG stands for Lucky Goldstar. It is the abbreviation of the company’s tagline, “Life’s Good”. LG Corp. is a conglomerate in South Korea that deals in the production of telecommunications products, chemicals and electronics. One of its subsidiaries, LG Electronics, is one of the biggest players in the world market for mobile phones and HDTV sets. In the market of mobile phones, it is the 3rd largest producer, making it one of the big dogs in the global mobile phone industry. This is why LG Electronics is the flagship company of the aforementioned conglomerate, LG Corp.
The Birth of a Goldstar
The Goldstar company was established in 1958, and by 1959, it had already produced the very first radio in Korea. It was the start of the electronics industry in the country. The company went on to produce several other electronics products for the next 10 years like telephones, refrigerators and TV sets. By its 10th year, Goldstar has already produced its first air conditioner and established a branch in New York City. It was the start of it global dominance in electronics.
During the 70’s, Goldstar reached the 100 billion won mark and became the first company to attain $100 million in exports. In its 20th year, 1978, Goldstar established its subsidiary in the US that handles sales. The freight train of success for the company did not end there. As it entered the 80’s, it also established its first production subsidiary overseas. By the mid 80’s, the company has already surpassed 1 trillion won in sales. And things were just going to get better.
In 1992, the company merged with Goldstar Components. Then in 1995, it merged with Goldstar communications, acquired the company Zenith and changed its name officially to LG Electronics, signalling its intention to become one of the biggest and most successful corporate entities in the world. This started long term plans for the company that mostly focused on producing TV sets, but eventually involved the mobile phone market. It merged with other companies that dealt with communications and information, and it also went into a joint venture with the company Philips, strengthening its grasp on the TV manufacturing industry while keeping an eye on the burgeoning mobile phone market.
The Mobile Phone Era
Once it had said goodbye to the 90’s, LG focused on developing innovative LG mobile phone technologies, which made it the top manufacturer of CDMA mobile handsets in the US in 2003. One year later, it had become the number one manufacturer of CDMA mobile handsets in the world. As the 2000’s went to a close, LG has become a giant in the mobile phone manufacturing industry, dominating sales all over the world and continuing to be one of the strongest mobile phone manufacturers worldwide. What does LG stand for, you ask? Again, it’s “Lucky Goldstar” and LG foresees its future as “Looking Great” for the mobile phone giant.