Posco Daewoo Corp., the trading and energy development unit of South Korean steelmaking giant Posco Group, will drop Daewoo off its nameplate to start anew as Posco International as part of efforts to create greater synergy with sibling Posco companies.
The company has launched a task force team that will review legal and strategic processes for the name replacement, industry sources said Thursday. The rebranding requires approval from shareholders in March.
Posco acquired Daewoo International in 2010 and rebranded it to Posco Daewoo in March 2016 after taking into consideration of Daewoo’s strong brand awareness in the global trading market.
Possibly after March, the name Daewoo with a 52-year history on the trade front will disappear.
The Posco trading arm will bear more Posco identity with greater business support to refractory and secondary battery anode making unit Posco Chemtech and construction unit Posco Engineering & Construction (Posco E&C).
The decision also is considered part of the group-wide efforts to take one step ahead to become a leading player in the global field under Posco’s new chair Choi Jeong-woo last year.
By Hwang Soon-min and Lee Ha-yeon
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]