Samhwa Paint Industrial said on the 26th that to mark its 80th anniversary, it is changing its name to "SP Samhwa" (SP SAMHWA) and shifting its business portfolio to focus on advanced new materials.
SP Samhwa won shareholder approval for the name change at a regular general meeting held at its Ansan plant the same day. The change comes more than 60 years after the company changed its name from "Dongwha Industry" to "Samhwa Paint Industrial" in 1964.
The "SP" in SP Samhwa stands for "Solution for People." It reflects the company's resolve to grow into a solutions provider for customers and society. It also concretized the values of Safety, Smart science (technological innovation), and Sustainability as its brand philosophy.
Going forward, while carrying on the expertise of its existing paint business, the company plans to expand into advanced new materials such as electronic materials and energy. In fact, SP Samhwa is accelerating efforts to develop high value-added new businesses, including electronic materials for semiconductors and secondary batteries, as well as energy materials for solar power and offshore plants.
An SP Samhwa official said, "We pursued the name change to kick-start business expansion aimed at securing sustainable future growth drivers while maintaining competitiveness in the traditional paint business," adding, "marking our 80th anniversary, we will take another step forward as a solutions corporations for people, based on the trust and expertise we have built."