Lee Byung-chul founded Samsung as a small trading company in 1938 in Seoul, South Korea.
Throughout the next thirty years, Samsung diversified into several different areas, including retail, securities, insurance, textiles, and food processing.
In the late 1960s, it entered the electronics industry and ten years later the shipbuilding industry. These last two industries would prove to be its largest growth industries.
Samsung now has several large subsidiaries, most notably Samsung Electronics, the world’s largest information technology company, Samsung Heavy Industries, which is the world’s second-largest shipbuilder, and Samsung Engineering, which is the world’s 13th largest construction company.
Samsung had $170.65 billion in revenue in 2015, as well as employing almost 400,000 people.
The company has recently experienced severe problems with their Galaxy Note 7 mobile phones. Numerous complaints about the phone catching fire while recharging the battery caused the company to issue replacement phones. However, in early October of 2016, the company announced that it had not only stopped sending replacement phones due to continued fire issues but that they have stopped production of this popular model altogether until they resolve the issue.
No comment from the company as to when the issue might be resolved or what they plan to do with the millions of phones already sold.
The company has also received thousands of complaints regarding ice maker and freezer problems with a variety of refrigerator models. There is currently a class-action lawsuit over this matter since Samsung has been unresponsive.
Samsung headquarters in the US are located in Ridgefield Park, New Jersey.