LG was originally established in 1947 as Lak-Hui Chemical Industrial Corp. (pronounced "Lucky"), one of the first Korean companies to enter the plastics industry. In 1958, it founded GoldStar Co., Ltd. to enter the electronics market. The company soon produced South Korea's first radios, TVs, and other consumer electronics. In the 1990s, Lucky and GoldStar merged, forming "Lucky GoldStar", which was abbreviated to LG in 1995. LG has since broadened its business scope and international presence, becoming a major player in the global electronics and telecommunications industries. It has expanded its markets worldwide and has continued to innovate in areas such as mobile computing, home entertainment, and smart home appliances.