DID YOU KNOW

Samsung was founded as a grocery trading store on March 1, 1938, by Lee Byung-Chull. He started his business in Teagu, Korea, trading noodles and other goods produced in and around the city and exporting them to China and its provinces. After the Korean war, Lee expanded his business into textiles and opened the largest woolen mill in Korea. He focused heavily on industrilisation with the goal of helping his country redevelop itself after the war. During that period his business benefited from the new protection policies adopted by the Korean government, whose aim was to help large companies .During the 1970s the company expanded its textile-manufacturing processes to cover the full line of production—from raw materials all the way to the end product—to better compete in the textile industry. New subsidiaries such as Samsung Heavy Industries, Samsung Shipbuilding, and Samsung Precision Company (Samsung Techwin) were established. Also, during the same period, the company started to invest in the heavy, chemical, and petrochemical industries, providing the company a promising growth path.

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