Hanjin Heavy Industries & Construction changed its corporate name to HJ Shipbuilding & Construction (HJSC) following board approval on Wednesday.
HJSC is engaged in shipbuilding and construction.
The company said the name was changed because a trademark agreement with Hanjin Heavy Industries & Construction Holdings expired. It added it will rebrand itself as a global comprehensive heavy industries company and become ESG driven to grow sustainably.
HJSC was established in 1937. The name was changed in 1962 and in 1990, when Hanjin Group acquired the company. In September, a consortium led by Dongbu Corporation, a mid-sized construction company, acquired 66.85 percent of the company from its creditors, including state-run Korea Development Bank.
The name renewal “will be a turning point for us to reform into a sustainable ESG-driven company following the end of the merger and acquisition,” HJSC CEO Hong Moon-ki said in a statement.
The company’s revenue through the third quarter this year was 1.2 trillion won ($1 billion), down 8 percent on year. Its net loss was 58.31 billion won from a 105.1-billion-won net profit during the same period a year ago.
The company’s shares rose 3.8 percent on Wednesday to close at 7,920 won.