The South Korean trading firm LG International Corp. has taken the decision to rename itself, LX International Corp. The company took the decision on June 25, 2021, and the corporation is hoping that assigning a new name to the company shows that it will be reborn as a company fit to compete with other leading companies.
This was perhaps long due. However, it should be mentioned that the name of the company stayed the same for the last 26 long years. The decision to change the name came into effect after a shareholders’ meeting. LG International Corp. will be officially known as the LX International Corp. starting July 1.
LG International mentioned in an official statement that the company is hoping to embark on a new journey with the new name. The new name, as per the officials, reflects the company’s intention never to cower away from new advancements and its intention to go beyond its existing role as a trading company. Hopefully, following this, the new company will be able to lead the way for a more sustainable future globally.
LG International will try to maximize the effectiveness of its existing business in an effort to improve profitability and its response to market changes. 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. – LG International CEO Yoon Chung-sung.
In May 2021, LG International was put under LX Holdings which is LG Group’s new holding company. This was all part of the company’s restructuring plan. LG Holdings also has four other affiliates under its wing: LG Hausys Ltd., LG MMA Corp., Silicon Works Co., and Pantos Co., which will also be renamed as LG Pantos in July. The name change, the company hopes, will push the company to flourish in an innovative business model.