KOREA - Many still remember the black-and-white Gold Star televisions manufactured in the 1960s.
It was a symbol of wealth, since a large portion of middle- and lower-class families did not have the funds to buy such a costly television at the time. Instead they stuck to their old-fashioned radios ? which were also first introduced in the country by Gold Star, now LG, in 1959.
LG Group was founded as Lucky Chemical Industrial Corp., now LG Chem, in Busan, South Gyeongsang Province, in 1947.
Earning profits from its cosmetics and daily necessity businesses, it gave birth to its flagship unit Gold Star ? now LG Electronics ? in 1958.
LG Group, which was daring enough to take on different experiments over the next few years, enabled Gold Star to become the first in Korea to manufacture radios in 1959, as well as become the first black-and-white television maker in 1966.
It was also the first to export radios, shipping 62 units to the US in 1962. The company claims this was a move that changed the fate of the Korean electronics industry.
"After the radio, then the electric fan, telephone, refrigerator, washing machine, air conditioner, cassette player and microwave followed suit, with Gold Star always at the forefront of the innovation," said an LG official.
In 1967, LG Group constructed Honam Oil Refinery, positioning it as the nation's first private oil company.
As a result, it transformed into a conglomerate getting involved in a larger scope of projects such as in daily necessities and electronics as well as oil.