Samsung was established in 1938 in Korea as a trading company selling produce. It diversified its business in the 1950s and 1960s. In 1969, Samsung Electronics was formed to produce electronics. In the 1990s, under Chairman Lee, Samsung transformed itself into a leading electronics manufacturer by focusing on high-quality components. It became a major producer of parts like LCD screens, memory chips, and processors that it supplied to other brands. Today Samsung produces a wide range of smartphones and targets different demographic and income groups with its portfolio of devices.