Sampyo Cement (KRX: 038500) is a South Korean cement, concrete and chemical company headquartered in Seoul. It produces portland cement products. It was established in 1957 as Tong Yang Cement by Lee Yang-gu as the second of his many companies which would grow into the Tongyang Group, and was also later known as Tongyang Cement and Energy.[1][2]
| Sampyo Cement | |
| Hangul | 삼표시멘트 |
|---|---|
| Hanja | 三票시멘트 |
| Revised Romanization | Sampyo Simenteu |
| McCune–Reischauer | Samp'yo Siment'ŭ |
| Former name Tongyang Cement | |
| Hangul | 동양시멘트 |
| Hanja | 東洋시멘트 |
| Revised Romanization | Dong-yang Simenteu |
| McCune–Reischauer | Tongyang Siment'ŭ |
In 1957, Lee used his own capital from money he earned in the confectionery business to acquire a cement factory in Samcheok, Gangwon Province; its owners at the time were eager to sell due to frequent labour disputes and the poor state of the physical plant.[3] That factory had started operations in 1942 under the ownership of Onoda Cement during Japanese colonial rule over Korea.[4] Lee searched out former Onoda engineers in order to rehire them, in particular Oh Pyong-ho, "supposedly the only competent cement engineer in post-colonial South Korea"; Oh accepted the job offer. Lee then began repairs to the facilities with the aid of engineers from Germany's Polysius Company, resolved the labour disputes, and revamped the recruiting programmes; he hired heavily from the local Samcheok High School, and many of his new hires' fathers had worked for Onoda in the past.[5]
Following the Tongyang Group's bankruptcy in September 2013, Tongyang Cement and Energy went into court receivership.[6] The three South Korean conglomerates with the largest ready-mix concrete businesses, namely Aju Group, Eugene Group, and Sampyo Group, all showed interest in acquiring Tongyang Cement in 2014.[7] Among the three, Sampyo Group's bid was successful, and in September 2015, Sampyo Group formally acquired a 45.07% stake in Tongyang Cement, with the Korea Development Bank Sigma Private Equity Fund acquiring another 9.88%, in a ₩794 billion deal.[8][9] Tongyang Cement and Energy adopted its current name Sampyo Cement in April 2017.[10][11]
See also
edit
References
edit- ^ "동양시멘트" [Tong Yang Cement]. Archived from the original on 16 November 2012. Retrieved 20 September 2017.
- ^ "The agile 'small boat' of finance: Once just a cement maker, Tong Yang today is a one-stop investment shop". JoongAng Ilbo. 13 April 2009. Retrieved 14 January 2014.
- ^ Park, Soon-Won (1999). Colonial Industrialization and Labor in Korea: The Onoda Cement Factory. Harvard University Asia Center. p. 179–180. ISBN 9780674142404.
- ^ Park 1999, p. 166
- ^ Park 1999, p. 181–182
- ^ "Tongyang Cement goes into court receivership". International Cement Review. 3 October 2013. Retrieved 20 September 2017.
- ^ "Big-3 Remicon Makers Hard at Work to Expand toward Other Business Areas". The Korea IT Times. 22 August 2014. Retrieved 20 September 2017.
- ^ "[Market Insight] Sampyo Gets 4.7% Discount in Tongyang Cement Deal". The Korea Economic Daily. 28 August 2015. Retrieved 20 September 2017.
- ^ "Sampyo and KDB PEF $699 million acquisition of Tongyang Cement & Energy". IFLR1000. 28 September 2015. Retrieved 20 September 2017.
- ^ "Tongyang Cement & Energy to change co name to SAMPYO Cement". Reuters. 6 April 2017. Retrieved 20 September 2017.
- ^ "연혁" [History]. Sampyo Cement. Retrieved 20 September 2017.
External links
edit- Tongyang Cement Homepage (in Korean)
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