Familiar Names, Hidden Stories
We encounter countless company names every day. Many of them are made up of abbreviations or initials. ‘LG’, ‘SK’, ‘Hanwha’, 'CJ' - what stories are hidden within these three letters? These concise names actually hold the entire history of South Korean industry.
In 1952, Korea Chemical Company was established amidst the ruins of the Korean War. Started to supply explosives needed for national reconstruction, the company gradually expanded its business and became Hanwha as we know it today. The reason why the name 'Fireworks' (火藥) was dropped is not only due to global market expansion but also reflects the will to grow beyond fireworks into diverse fields. Hanwha, written solely in Hangul without Chinese characters, sheds its past traces and shows its determination to move towards the future.
SK's roots trace back to 1953 with Seong Kyung Textile Company. Starting as a textile business, Seong Kyung expanded into fibers, petrochemicals, and telecommunications. ‘Seong Kyung (鮮京)’ means 'clear and beautiful Seoul'. In 1997, Seong Kyung adopted the initials 'SK' to become a global corporation. These two concise letters embody the will to transform into a leading company in advanced technologies such as telecommunications, energy, and semiconductors, going beyond textiles and fabrics.
Many know that LG stands for Lucky Goldstar. LG's beginnings can be traced back to 1947 with Lucky Chemical Industrial Company. 'Lucky' was derived from the popular 'Lucky Cream' of the time, signifying a desire to bring good fortune and joy. Meanwhile, in 1958, Goldstar Company, South Korea's first electronics company, was established, manufacturing radios and TVs. 'Lucky', responsible for chemicals, and 'Goldstar', handling electronics, became the two pillars of South Korean industry. The name encompassing both companies was 'Lucky Goldstar Group'. In 1995, the company changed its name to LG, adopting the initials of the two names and embracing the slogan 'Life's Good', aiming to make people's lives better.
Many are familiar with CJ being the initials of CheilJedang. CJ's history began in 1953 with CheilJedang, the first manufacturing company under Samsung Group. CheilJedang, which laid the foundation for South Korea's food industry by producing sugar, gradually expanded its business into feed and food products. The name 'Cheil' embodied the founder's will to become the best. After separating from Samsung Group in 1993, CJ embarked on a new leap forward. In 2002, it changed its name to 'CJ', expanding its business beyond food into movies, music, broadcasting, and logistics. Breaking away from the image of 'CheilJedang', CJ aimed to become a company that delivers 'Culture & Joy'. The two concise letters 'CJ' are not just initials but represent a new identity and vision.
From Public Enterprises to Private Companies: A History of Transformation Reflected in Names
There are also companies whose names have changed during the privatization process. KT and KT&G are prime examples. These two companies share a history of serving public roles.
KT, short for 'Korean Telecom', was established in 1981 to build the nation's telecommunications network. It clearly reflects its original identity as a telecommunication company. However, in 2002, KT changed its name during privatization, signaling a new beginning as a private enterprise rather than a public institution. The use of initials signified its intention to become a dynamic company in the rapidly changing information and communication technology (ICT) market.
KT&G originated from Korea Tobacco & Ginseng Corporation, a public enterprise that manufactured and sold tobacco and ginseng under national monopoly. In 2002, it adopted the name KT&G after privatization. K stands for Korea, T for Tobacco, and G for Ginseng. The '&' was added to maintain the identity of its existing business while building a new corporate image. This signified its ambition to become a comprehensive lifestyle company by leveraging the synergy between tobacco and ginseng.
Names that were once familiar are now abbreviated or represented by initials, carrying new meanings. These names are not just symbols but embody the history and aspirations of companies, representing their stories.
