GANGWON-DO < invest Korea

South Korea’s cement producer Tongyang Cement & Energy Corp. that had been the parent company for the now-defunct Tonyang Group has changed its company name to Sampyo Cement during its shareholders meeting held in Gangwon Province, east of Seoul, on Friday.

The cement maker with 60-year history was acquired by the nation’s second largest ready-mixed concrete supplier Sampyo Corp. in September 2015.

The change has been made for the purpose of blending into Sampyo’s corporate identity (CI), an official at Sampyo Cement said.

Sampyo Cement seeks to spearhead the domestic industry by maximizing synergy effect and providing high quality products. Sampyo, which now integrates the brands of construction material units - including ready-mixed concrete, cement, powder coating, aggregate and precast concrete (PC) pile - can now better serve customers, CEO of Sampyo Cement, Choi Byung-gil said.

By Ahn Gab-seong

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Source: Pulse by Maeil Business News Korea (Mar. 24, 2017)