LG Electronics is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, South Korea and the flagship subsidiary of the LG Group. The company operates its business through five divisions: Mobile Communications, Home Entertainment, Home Appliances, Air Conditioning, and Energy Solutions. It is the world's second-largest television manufacturer (after Samsung) and the world's fifth-largest mobile phone maker by unit sales in the second quarter of 2012. The company was originally established in 1958 as GoldStar, producing radios, TVs, refrigerators, washing machines, and air conditioners. The LG Group was formed through the merger of two Korean companies, Lucky and GoldStar, from which the abbreviation of LG was derived. The current 'Life's Good' slogan is a backronym.