South Korea: Ssangyong Cement has announced a planned name change to Ssangyong C&E. The Korea Herald newspaper has reported that the ‘C’ stands for cement while the ‘E’ stands for environment. Besides signalling its move into new industries driven by green value-creation, the new name is intended to reflect the company’s existing values. Since the beginning of 2016, it says it has spent US$90m/yr on environmental upgrades to cement production. Shareholders will finalise the change on 25 March 2021.
Ssangyong Cement chair Hong Sa-seung said, “For the past 60 years, we have led Korea’s cement industry and contributed to country’s industrialisation and economic development. With the know-how we have gathered from the cement business, we seek to expand our business to environmental businesses.”