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Samsung became the largest producer of memory chips in the world in 1992. In 1995, it built its first liquid-crystal display screen, eventually equalizing its technology to Sony’s (Lee Kun hee). In 1993 Lee Kun Hee, Lee Byung Chul’s successor, sold off ten of Samsung Group's subsidiaries, downsized the company, and merged other operations to the concentrate on three industries: electronics, engineering, and chemicals (Samsung Electronics). Samsung has also tried hard to improve its international image. It has spent more than $6 billion since 1998 on marketing, sponsoring the last five Olympics and erecting a large video sign are in Times Square in 2002 (Lee kun hee). Samsung is very involved in the Asian Games, contributing Samsung Nations Cup Riding Competition, Samsung Running Festival, Samsung World Championship, and still many more around the globe (Samsung Electronics) The Samsung Group is South Korea's largest conglomerate and one of the largest super-multinationals in the world leading several major global industries. It is composed of numerous multinational businesses, all united under the Samsung brand, including Samsung Electronics, the world's largest electronics company,[4] Samsung Heavy Industries, one of the world's biggest shipbuilders and Samsung Engineering & Construction, a major global construction company. These three businesses form the core of Samsung Group and reflect its name — the meaning of the Korean word Samsung is "tristar" or "three stars". The Samsung brand is the best known Korean brand in the world and in 2005, Samsung overtook Japanese rival Sony as the world's No.1 consumer electronics brand and became part of the Top 20 global brands overall. Samsung Group is also the leader in several other industries domestically, such as the financial, chemical, retail and entertainment industries. Samsung Group is South Korea's largest company and exporter and the 5th largest transnational corporation in the world. It has been run by generations of one of the world's wealthiest families, currently helmed by chairman Lee Kun-Hee, the third son of the founder, Lee Byung-Chul. Samsung Group is recognized as the most prestigious firm in South Korea, attracting and owning many of the country's most intelligent and best talented pupils, with 25% of its employees having a PhD degree or equivalent. Samsung Group also owns the Sungkyunkwan University, a major private university in South korea, with many of its graduates being employed by Samsung Group affiliates. South Korean Samsung employees are also highly loyal to company; working for very long hours with no weekends or holidays until they retire.
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