Samsung Celebrates 49th Anniversary

Samsung Electronics Co. celebrated its 49th anniversary, with senior management urging employees to brace for tougher competition in the global IT environment.

The South Korean tech giant, which was established in 1969, has emerged to become one of the world’s leading producers of memory chips, smartphones and TVs.

“Since its launch, Samsung was able to overcome numerous hurdles through challenges and innovation, eventually to become a world-class company on the back of the dedication made by employees,” Samsung Electronics President Kim Ki-nam said in a statement.

Kim said the global trade disputes and the competition in the field of the fifth-generation (5G) network and artificial intelligence has intensified throughout this year, urging employees to keep up their best efforts.

“We need to secure a solid business structure and product portfolio, and beef up our capabilities to maintain growth. We need to establish a strong business foundation so that the company does not falter from any outer challenges,” Kim said, highlighting the importance of studying markets and consumer needs.

Samsung Electronics was first established in January 1969, but the foundation date is commemorated on Nov. 1, as the company merged with a semiconductor arm on the date in 1988.

In line with the celebration of the anniversary, Samsung Electronics said it will donate some 500 packages of supplies that can help children keep warm throughout the winter months.

Samsung Electronics, South Korea’s top electronics giant, refrained from rolling out other major events to celebrate the anniversary.

Samsung Electronics Vice Chairman Lee Jae-yong, the de factor leader of the conglomerate, was released from prison in February after being locked up for nearly a year for apparently providing bribes to ousted former President Park Geun-hye’s confidante.

Besides the scandal involving the heir apparent, the conglomerate is also downbeat as its Chairman Lee Kun-hee, the father of Jae-yong, has been hospitalized since suffering a heart attack in 2014.— Yonhap News Agency

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