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Samsung is a South Korean multinational conglomerate company headquartered in Samsung Town, Seoul. It was founded by Lee Byung-chul in 1938 as a trading company. Samsung entered the electronics business in the 1960s and the shipbuilding and constructon industries in the 1970s. It is now the largest business conglomerate in South Korea. In 2012, its revenue was equal to 17% of South Korea's gross domestic product. Samsung now manufactures items including clothes, chemicals, consumer electronics, medical equipment, semiconductors and telecommunications equipment.