About Samsung
Samsung, South Korean company that is one of the world’s largest producers of electronic devices. Samsung specializes in the production of a wide variety of consumer and industry electronics, including appliances, digital media devices, semiconductors, memory chips, and integrated systems. It has become one of the most-recognizable names in technology and produces about a fifth of South Korea’s total exports.
Early years
Samsung was founded as a grocery trading store on March 1, 1938, by Lee Byung-Chull. He started his business in Taegu, Korea, trading noodles and other goods produced in and around the city and exporting them to China and its provinces. (The company name, Samsung, came from the Korean for “three stars.”) After the Korean War, Lee expanded his business into textiles and opened the largest woolen mill in Korea. He focused heavily on industrialization with the goal of helping his country redevelop itself after the war. During that period his business benefited from the new protectionist policies adopted by the Korean government, whose aim was to help large domestic conglomerates (chaebol) by shielding them from competition and providing them easy financing. In the late 1950s the company acquired three of Korea’s largest commercial banks as well as an insurance company and firms that made cement and fertilizer. Samsung in the 1960s acquired more insurance companies as well as an oil refinery, a nylon company, and a department store.
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.
Electronics
Samsung first entered the electronics industry in 1969 with several electronics-focused divisions. Their first products were black-and-white televisions. During the 1970s the company began to export home electronics products overseas. At that time Samsung was already a major manufacturer in Korea, and it had acquired a 50 percent stake in Korea Semiconductor.
The late 1970s and early ’80s witnessed the rapid expansion of Samsung’s technology businesses. Separate semiconductor and electronics branches were established, and in 1978 an aerospace division was created. Samsung Data Systems (now Samsung SDS) was established in 1985 to serve businesses’ growing need for systems development. That helped Samsung quickly become a leader in information technology services. Samsung also created two research and development institutes that broadened the company’s technology line into electronics, semiconductors, high-polymer chemicals, genetic engineering tools, telecommunications, aerospace, and nanotechnology.
Samsung Shares Vision
Samsung Electronics today shared its vision for a calmer connected world through cutting-edge technologies that enhance the lives of users by providing smarter and more intuitive experiences. Speaking at a press conference at CES® 2023, Samsung and its key partners came together to outline details about how they plan to build a better-connected world while contributing to a more sustainable future.
Jong-Hee (JH) Han, Vice Chairman, CEO and Head of the DX (Device eXperience) Division at Samsung Electronics, opened the company’s presence at CES by highlighting Samsung’s strategy to deliver on the promise of the connected experience across the key touchpoints in our lives — in our homes, cars and at work — while also working to build a more sustainable future. The strategy outlined during the press conference focuses on the company’s aim of bringing calm to our connected world so that devices and innovation can genuinely enable better, more personal and more intuitive experiences. To do this, Samsung is focusing on seamlessly connecting devices and designing products to make the everyday use of technology more sustainable. “We recognize our vision is a big one,” said CEO JH Han. “It’s about solving real challenges today and understanding consumers’ future needs and aspirations. It will take time, innovation and cooperation with partners worldwide. But we are committed to achieving it and already getting started.”
Samsung Incorporates Sustainability at Every Level
Go address our planet’s ongoing challenges, Samsung highlighted how it continues to prioritize the environment through a combination of sustainability targets, innovative product design and strategic partnerships. As a result, by 2050, all of Samsung’s businesses will match their electricity needs with renewable energy and reach net zero carbon emissions. In the nearer term, the DX Division will transition to 100 percent renewable energy by 2027 and achieve net zero carbon emissions by 2030.
To further the company’s sustainability goals, Samsung outlined how Everyday Sustainability — building sustainability features into the company’s most popular products and services — will contribute to a healthier environment. This includes creating more sustainable products through innovative design in materials and energy efficiency. “By building sustainability into the product experience, we, and the many people around the world who use our products, can contribute to a healthier planet,” said Inhee Chung, Vice President of Corporate Sustainability Center at Samsung. “As a result, some of our most popular products are now some of our most sustainable.”
Samsung announced that many of its TVs and smartphones use recycled materials, including recycled plastic from discarded finishing nets, while the company’s home appliances, memory and 5G radio network chipsets are contributing to energy savings for customers. In addition, Samsung’s connected services, such as SmartThings Energy and AI Energy Mode, are also helping consumers save energy and cut costs while lowering their overall climate impact.