LG
LG Group is a large South Korean conglomerate (chaebol), that produces electronics, mobile phones, and petrochemical products and operates subsidiaries like LG Electronics, LG Telecom, Zenith Electronics and LG Chem in over 80 countries. LG Group sponsors the LG Cup Go Tournament.
Created as an appliance company in 1947 named GoldStar, it later merged with the chemical company Lucky. Many consumer electronics were sold under the brand name GoldStar, while some other household products (not available outside South Korea) were sold under the brand name of Lucky. The Lucky brand was famous for its hygiene products line such as soaps and Hi-Ti laundry detergents, but most associated with its Lucky and Perioe toothpaste.
In 1995, it was renamed "LG", the abbreviation of "Lucky GoldStar". More recently, the company associates its tagline "Life's Good", with the letters LG.
Access LG's corporate rap sheet compiled and written by Good Jobs First here.
Contents
Company History
LG Electronics was established in 1958 and has since led the way into the advanced digital era thanks to the technological expertise acquired by manufacturing many home appliances such as radios and TVs. LG Electronics has unveiled many new products, applied new technologies in the form of mobile devices and digital TVs in the 21st century and continues to reinforce its status as a global company
1958
Founded as GoldStar
1960's
Produces Korea's first radios, TVs, refrigerators, washing machines, and air conditioners
1995
Renamed LG Electronics Acquires US-based Zenith
1997
World's first CDMA digital mobile handsets supplied to Ameritech and GTE in U.S. Achieves UL certification in U.S. Develops world's first IC set for DTV
1998
Develops world's first 60-inch plasma TV
1999
Establishes LG Philips LCD, a joint venture with Philips
2000
Launches world's first Internet refrigerator Exports synchronous IMT-2000 to Marconi Wireless of Italy Significant exports to Verizon Wireless in U.S.
2001
GSM mobile handset Exports to Russia, Italy, and Indonesia Establishes market leadership in Australian CDMA market Launches world's first Internet washing machine, air conditioner, and microwave oven
2002
Under LG Holding Company system, separates into LG Electronics and LG Corporation Full-scale export of GPRS color mobile phones to Europe Establishes CDMA handset production line and R&D center in China
2003
Enters Northern European and Middle East GSM handset market Achieves monthly export volume above 2.5 million units (July) Top global CDMA producer
2004
EVSB, the next-generation DTV transmission technology, chosen to be the U.S./Canada Industry standard by the US ATSC Commercializes world's first 55" all-in-one LCD TV Commercializes world's first 71" plasma TV Develops world's first Satellite- and Terrestrial-DMB handsets
2005
Becomes fourth-largest supplier of the mobile handsets market worldwide Develops world's first 3G UMTS DMB handset, 3G-based DVB-Hand Media FLO DMB Phone with time-shift function and DMB notebook computer Establishes LG-Nortel, a network solution joint venture with Nortel
2006
LG Chocolate, the first model in LG's Black Label series of premium handsets, sells 7.5 million units worldwide Develops the first single-scan 60" HD PDP module and 100-inch LCD TV Establishes strategic partnership with UL Acquires the world's first IPv6 Gold Ready logo
2007
Launches the industry's first dual-format, high-definition disc player and drive Launches 120Hz Full HD LCD TV Demonstrated the world-first MIMO 4G-Enabled technologies with 3G LTE Won contract for GSMA's 3G campaign
2008
Introduces new global brand identity: "Stylish design and smart technology, in products that fit our consumer's lives."
Corporate Accountability
Labor
LG is one of the major purchasers of electronics produced at the Lite-On Computer Technology production facility in Shijie Town, Dongguan Province, China (founded 1997).[2] By early 2008, the facility employed about 5000 people who enter the company by paying agencies based in Shijie town, Dongguan, 500-600 yuan (for men) or 200 yuan (for women). [2] While Lite-On production schedules follow a normal 8-hour workday, breaks consist of only 10 minutes twice a day and are unpaid – further, overtime work in the evenings, on weekends, and especially during busy seasons, is mandatory and can reach up to 100 hours a month, in violation of both Chinese Labor Law and the [EICC] standard. [2] Basic wages at Lite-On complied with Chinese minimum wage laws (690 yuan/month in 2007), but until mid-to-late 2007 when overtime began being paid at twice the standard weekend rate (8.24 yuan/hour) the company violated overtime wage laws by paying over 2 yuan less per hour. [2] A fire in the factory in February of 2008 has caused workers to be extremely concerned about their safety, and as of May 2008 production had not yet fully resumed at full capacity due to the damage the fire had caused. [2] Workers are charged up to one quarter of their wages on food, electricity, and water for eating and living in the factory dormitories, which house up to 16 people per room. [2] Research conducted by [SACOM] and [Bread for All] in early 2008 concluded that workers at Lite-On were unaware of their rights under either [EICC] standards or any of the codes of conduct of Lite-On’s customers, including LG.[2]
Human Rights
A 2008 study demonstrated that LG, as well as several other major manufacturers of mobile phones, including Nokia, Samsung, and Motorola use cobalt mined in the Democratic Republic of Congo for the production of their mobile phones, thereby running the risk of supporting unfair labor practices in the mines and serious related human rights abuses.[3] Despite the companies former claims that they could not trace the origins of cobalt and other minerals used in the production of their mobile handsets, the report demonstrates that supply chains are identifiable and notes that despite this information, none of the mobile phone companies have taken action to insure that their cobalt suppliers comply with their Corporate Social Responsibility initiatives.[4]
Environment
Consumer Protection and Product Safety
Anti-Trust and Tax Practices
Social Responsibility Initiatives
Business Scope
Lines of Business and Major Products Paragraph Units/Subsidiaries
| Customers | Suppliers | Creditors | Competitors |
|---|---|---|---|
| Customer 1 | Supplier 1 | Creditor 1 | Competitor 1 |
| Customer 2 | Supplier 2 | Creditor 2 | Competitor 2 |
| Customer 3 | Supplier 3 | Creditor 3 | Competitor 3 |
| Customer 4 | Supplier 4 | Creditor 4 | Competitor 4 |
Financial Information (as of DATE)
Ticker Symbol:
Main Exchanges:
Investor Website:
| Shareholder | % Total Shares held |
|---|---|
| Shareholder 1 | % Held 1 |
| Shareholder 2 | % Held 2 |
| Shareholder 3 | % Held 3 |
| Shareholder 4 | % Held 4 |
Largest Shareholders
Geographic scope paragraph
| Country | Revenue | Profits | Assets | Employees |
|---|---|---|---|---|
| Country 1 | Revenue 1 | Profit 1 | Assets 1 | Employees 1 |
| Country 2 | Revenue 2 | Profit 2 | Assets 2 | Employees 2 |
| Country 3 | Revenue 3 | Profit 3 | Assets 3 | Employees 3 |
| Country 4 | Revenue 4 | Profit 4 | Assets 4 | Employees 4 |
Governance
Executives Yong Nam Vice Chairman and CEO, LG Electronics
Young-Ha Lee President and CEO / Digital Appliance Company .
Simon Kang
Simon Kang President and CEO / Digital Display Company
B.B Hwang
B.B Hwang President and CEO / Digital Media Company
Skott Ahn
Skott Ahn President and CEO / Mobile Communications Company
Regional Company
Seog Won Park
Seog Won Park President and CEO / Korea
Michael Ahn
Michael Ahn President and CEO / North America
James Kim
James Kim President and CEO / Europe
Nam K. Woo
Nam K. Woo President and CEO / China
Young Woo Nam
Young Woo Nam President and CEO / Asia
Kyung Hoon Byun
Kyung Hoon Byun President and CEO / South & Central America .
Ki Wan Kim
Ki Wan Kim President and CEO / Middle East & Africa
Young Chan Kim
Young Chan Kim President and CEO / CIS
Staff
Woo Hyun Paik
Woo Hyun Paik President / Chief Technology Officer
David Dohyun Jung
David Jung Executive Vice President / Chief Financial Officer
Dermot JM Boden
Dermot J M. Boden Executive Vice President / Chief Marketing Officer
Reginald J. Bull
Reginald J. Bull Executive Vice President / Chief Human Resources Officer
Tom Linton
Thomas K. Linton Executive Vice President / Chief Procurement Officer
Didier Chenneveau
Didier Chenneveau Executive Vice President / Chief Supply Chain Officer
James N. Shad
James N. Shad Executive Vice President / Chief Go-to-Market Office
Contact Information
Address: LG Twin Towers, 20 Yeouido-dong, Yeongdeungpo-gu, Seoul 150-721, KOREA Tel: +82 (0)2 3777 1114 URL: http://www.lge.com
Articles and Resources
Books on the Company
Related SourceWatch Articles
Sources
- ↑ http://www.lge.com/about/corporate/history.jsp
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 Jenny Chan, the Research Team of Students and Scholars Against Corporate Misbehavior (SACOM) and Chantal Peyer (Bread for All). “High Tech – No Rights? A One Year Follow Up Report on Working Conditions in China’s Electronic Hardware Sector.” May 2008. p. 10. Cite error: Invalid
<ref>tag; name "”hightech”" defined multiple times with different content Cite error: Invalid<ref>tag; name "”hightech”" defined multiple times with different content Cite error: Invalid<ref>tag; name "”hightech”" defined multiple times with different content Cite error: Invalid<ref>tag; name "”hightech”" defined multiple times with different content Cite error: Invalid<ref>tag; name "”hightech”" defined multiple times with different content Cite error: Invalid<ref>tag; name "”hightech”" defined multiple times with different content - ↑ DanWatch. May 2008. "Bad Connections: How your mobile phone is linked to abuse, fraud, and unfair mining practices in DR Congo."
- ↑ DanWatch. May 2008. "Bad Connections: How your mobile phone is linked to abuse, fraud, and unfair mining practices in DR Congo." p. 4.
External Resources
External Articles
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