| 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 | Dongyang Simenteu |
| McCune–Reischauer | Tongyang Siment'ŭ |
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]
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]
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