SK Engineering & Construction, the building arm of South Korea’s third-largest conglomerate SK Group, has officially changed its corporate name to “SK Ecoplant” as part of the group’s effort to enhance ESG management.

The company on Monday released its new corporate identity and future vision on the company‘s intranet under the title “Deep Change Story.”

The new corporate name was approved at the extraordinary general shareholders’ meeting held at the company’s headquarters in Seoul on May 21.

In October last year, the builder filed an application to the Seoul Central District Court for the temporary registration of three corporate name candidates -- SK Ecoplant, SK Impact, and SK Circlers.

The corporate name “SK Ecoplant” reflects the company’s drive to grow beyond the conventional construction business and to embrace innovative eco-friendly technologies, according to officials.

As a mid-term fiscal road map to back its vision, the company vowed to invest some 3 trillion won ($2.67 billion) by 2023.

One of the suggested action plans is to enhance the role of Environment Management Corporation -- previously EMC Holdings -- and to gain an upper hand in downstream businesses including water treatment and waste incineration.

The company will also seek to acquire small-sized innovative players and develop new industrial complexes, under the bolt-on strategy, officials added.

Regarding its conventional construction business, SK Ecoplant will focus on expanding eco-friendly building materials and on establishing a circular economy through the so-called 3Rs -- reduce, reuse and recycling of waste.

“The new corporate name signals a new start in promoting eco-friendly business ideas and related technologies,” said Ahn Jae-hyun, president and CEO of the company.

“We shall figure out impactful business solutions so that we may grow into Asia’s top environmental enterprise in upcoming years.”

By Bae Hyun-jung (tellme@heraldcorp.com)