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Samsung Electric Industries was established as an industry Samsung Group in 1969 in Suwon, South Korea. While the group didn't have enough technology nor resources because it stepped into the industry later even than the competitors within the country, and although it attracted considerable amount of criticism from them for cooperating with the Japanese firms, Samsung Electric managed to establish a joint venture named Saumsung-Sanyo Electric with Sanyo and Sumitomo Corporation of Japan in the same year it entered into business. Its early products were electronic and electrical appliances including televisions, calculators, refrigerators, air conditioners and washing machines. In 1970, Samsung Group established another subsidiary, Samsung-NEC, jointly with Japan's NEC Corporation and Sumitomo Corporation to manufacture home appliances and audiovisual devices. In 1974, the group expanded into the semiconductor business by acquiring Korea Semiconductor, one of the first chip-making facilities in the country at the time. The acquisition of Korea Telecommunications, an electronic switching system producer, was completed at the start of the next decade in 1980.
1969