LG International to be renamed LX International
Major South Korean trading firm LG International decided Friday to rename itself LX International in an effort to show its will to be reborn as a more competitive entity.
The name change, the first in 26 years and decided at an extraordinary shareholders' meeting, will become effective July 1, said LG International, the trading arm of South Korea's No. 4 conglomerate, LG Group.
LG International said the new name reflects its intention to go beyond its existing role as a trading company and lead the way for a sustainable future on the global stage.
LG International CEO Yoon Chung-sung said the company will seek to bolster its global competitiveness with the name change and try to convert it into an innovative business model.
"LG International will try to maximize the effectiveness of its existing business in an effort to improve profitability and its response to market changes," he said.
"The company will also focus its resources and capabilities on future growth engines in consideration of environmental, social and governance criteria, as well as growth potential."
In May this year, LG International was put under LX Holdings, LG Group's new holding company, as part of the group's restructuring plan.
LG Holdings also has four other affiliates under its wing: LG Hausys, LG MMA, Silicon Works and Pantos, which will be renamed LG Pantos in July. (Yonhap)