Ssangyong Heavy Industries decides to kick off new businesses and rename itself

Ssangyong Heavy Industries, separated from Ssangyong Group early this year, determined to take a new name, launch new business, logistics, and construction in its regular stockholders meeting.

An official in the planning department at Ssangyong Heavy Industries said that it was officially divided from Ssangyong Group early this year and has planned to change its name, although it is still not decided upon. He also added that to raise profits multi-dimensionally it will step into housing and logistics in addition to industrial engines and the defense industry.

It expects to start its logistic business profitably by using the current logistic system in Changwon, South Kyoungsang province, and eliminating the need for big investment.

In the mean time, the company official revealed that the foreign capital attractions currently in focus through some foreign companies, including some German ones, perked its interest, although it was just in the investigating stage and had nothing to confirm.

Ssangyong Heavy Industries, of which the Hannuri consortium possesses 34 percent of the stock, is scheduled to hold an annual shareholder's meeting on March 20, aiming to record 300 billion won in sales and 10 billion won in ordinary profits.