SsangYong Group is a South Korean based Chaebol or conglomerate. SsangYong, literally translated, means "Double Dragon". It was largely broken up by the East Asian financial crisis in 1997. The chaebol was forced to sell or relinquish control in many of their subsidiary interests including the SsangYong Motor Company; the Ssangyong Paper Co., now controlled by Hankook P&G; Ssangyong Cement Industrial Co., Ltd, now owned by the shipping company, Afro-Asia; Yongpyung Resort, Ssangyong Heavy Industries, Ssangyong Precision Industry Co., Ssangyong Engineering & Construction Private Limited, and Riverside Cement, now controlled by Texas Industries, Inc; and Ssangyong Oil Refining Co., sold to Aramco in 1999.
The Ssangyong Cement Industrial Co., Ltd is now the core company in the SsangYong chaebol. Its largest shareholder is the Japanese concrete manufacturer, Taiheiyo Cement. Ssangyong Cement's primary subsidiaries are Shanghai Pulong Concrete Product Co., Ltd. (China); Tianjin Yanlong New Building Material Co., Ltd.; Ssangyong Materials; Shanghai Baotailong Concrete Products Co., Ltd. (China).
See also Edit
- 1997 East Asian financial crisis
- Economy of South Korea
- List of South Korean companies
- SsangYong Motor Company
- SsangYong Information & Communication Corp
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