Samsung's first business was textiles, the organization started the insurance business in 1958 and Joong-Ang Development (Samsung Everland today) was established in 1966. In 1969, the company announced that they wanted to diversify their business into a completely new area, that of the electronics industry. Therefore, Samsung Electronics was established. In 1970, the first product launched by Samsung Electronics was a black and white television, and two months later the product was exported to Panama. At the same time, Samsung-NEC was established by partnering with NEC Corporation and they started producing home appliances and audio devices. The 137 trainees from Samsung Electronics were sent to Sanyo Electric and NEC to learn their technology. Samsung Electronics controlled its production line in 1971, allowing it to manufacture its own products. As demand for the products continued to increase, it created two black and white television lines with a capacity to produce 480,000 televisions per year. In 1973, the first TV developed by Samsung, named Maha-506, was produced and this product became extremely popular in South Korea. The television market was so successful that Samsung Electronics became more confident. Samsung Electronics expanded its business to other categories of electronic devices such as air conditioners, refrigerators, record cassettes and AM/FM boom boxes in 1974. These cassettes were exported to the United States of America for the first time. In 1978, Samsung's overall exports reached $100 million. In 1979, Samsung Electronics began mass production of microwave ovens. (The Samsung Electronics Success Story, 2012; The Samsung Electronics Story 1, 2012; The Samsung Story