LG Corporation is the second largest company in South Korea, with only Samsung bigger. It has its headquarters in the LG Twin Towers in Yeouido-dong, Yeongdeungpo-gu, Seoul. LG produces electronics, chemicals, and telecommunications products and operates subsidiaries like LG Electronics (see below), LG Display, LG Telecom and LG Chem in over 80 countries.
LG Corp. founder Koo In-Hwoi established Lak-Hui Chemical Industrial Corp. in 1947. In 1952, Lak-Hui became the first Korean company to enter the plastics industry. As the company expanded its plastics business, it established GoldStar Co., Ltd., (currently LG Electronics Inc.) in 1958. Both companies Lucky and Goldstar merged and formed Lucky-Goldstar (this is where "LG" comes from - see below).
Goldstar produced South Korea's first radio. Many consumer electronics products 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 line of hygiene products such as soaps and HiTi laundry detergents, but most associated with its Lucky and Perioe toothpaste.
In 1995, to better compete in the Western market, the Lucky-Goldstar was renamed "LG", the abbreviation of "Lucky-Goldstar". More importantly, the company associates the letters LG with the company's tagline "Life's Good". This tagline came from Australia, where many of the products are tested first by LG. Since 2009, LG also owns the domain name LG.com.
LG Electronics Korean Consumer Electronics & Home Appliance Manufacturer, have been in the mobile devices business since 1996. Formerly known as LG Information & Communication Co. (LGIC), the company built the first Korean made CDMA phones for the Korean consumer market, and now forms the GSM division of the parent company.
You can find out more about the LG Group and its history here: http://en.wikipedia.org/wiki/LG_Group.