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Ssangyong Cement, a South Korean cement producer, will change its company name to SsangYong C&E, the company said Wednesday.
The new name, in which SsangYong C&E takes the first letters of cement and environment, reflects the company’s desire to promote environment friendly values, the company said.
The change will be finalized at a regular shareholders meeting slated for March 25.
“For the past 60 years, we have led Korea’s cement industry and contributed to country’s industrialization and economic development. With the know-how we have gathered from the cement business, we seek to expand our business to environmental businesses,” Ssangyong Cement Chairman Hong Sa-seung said.
The cement producer said it has spent over 100 billion won ($90 million) every year in the last five years to establish environment-friendly production facilities, replacing coal with waste plastic as a fuel, and reset the company’s business goals to include several environment-related businesses, such as recycling.
By Jo He-rim (herim@heraldcorp.com)
