Ssangyong Cement, a South Korean cement producer, will change its company name to SsangYong C&E, the company said Wednesday.

The new name, in which SsangYong C&E takes the first letters of cement and environment, reflects the company’s desire to promote environment friendly values, the company said.

The change will be finalized at a regular shareholders meeting slated for March 25.

“For the past 60 years, we have led Korea’s cement industry and contributed to country’s industrialization and economic development. With the know-how we have gathered from the cement business, we seek to expand our business to environmental businesses,” Ssangyong Cement Chairman Hong Sa-seung said.

The cement producer said it has spent over 100 billion won ($90 million) every year in the last five years to establish environment-friendly production facilities, replacing coal with waste plastic as a fuel, and reset the company’s business goals to include several environment-related businesses, such as recycling.

By Jo He-rim (herim@heraldcorp.com)