Sampyo Cement

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 RomanizationSampyo Simenteu
McCune–ReischauerSamp'yo Siment'ŭ
Former name Tongyang Cement
Hangul
동양시멘트
Hanja
東洋시멘트
Revised RomanizationDong-yang Simenteu
McCune–ReischauerTongyang 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

References

  1. "동양시멘트" [Tong Yang Cement]. Archived from the original on 16 November 2012. Retrieved 20 September 2017.
  2. "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.
  3. Park, Soon-Won (1999). Colonial Industrialization and Labor in Korea: The Onoda Cement Factory. Harvard University Asia Center. p. 179–180. ISBN 9780674142404.
  4. Park 1999, p. 166
  5. Park 1999, p. 181–182
  6. "Tongyang Cement goes into court receivership". International Cement Review. 3 October 2013. Retrieved 20 September 2017.
  7. "Big-3 Remicon Makers Hard at Work to Expand toward Other Business Areas". Korea IT Times. 22 August 2014. Retrieved 20 September 2017.
  8. "[Market Insight] Sampyo Gets 4.7% Discount in Tongyang Cement Deal". Korea Economic Daily. 28 August 2015. Retrieved 20 September 2017.
  9. "Sampyo and KDB PEF $699 million acquisition of Tongyang Cement & Energy". IFLR1000. 28 September 2015. Retrieved 20 September 2017.
  10. "Tongyang Cement & Energy to change co name to SAMPYO Cement". Reuters. 6 April 2017. Retrieved 20 September 2017.
  11. "연혁" [History]. Sampyo Cement. Retrieved 20 September 2017.


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