E-commerce company ISEcommerce is changing its name to 'Exion Group' and is making a fresh leap as an eco-friendly company.
ISEcommerce announced on the 26th that it held an extraordinary general meeting on the 23rd of this month, where all agenda items, including the amendment of the articles of incorporation focusing on the name change and the addition of business objectives, as well as the appointment of former Blue House economic chief Cho Won-dong as an inside director, were approved.
The new name, Exion Group, embodies the meaning of a company moving toward the future, pursuing continuous growth in the global market based on innovative energy.
The new business objectives include the manufacturing and sales of synthetic and eco-friendly resin raw materials, and the manufacturing and processing of petrochemical products. Previously, the company secured management rights of Carbon Korea, a carbon capture company, announcing its entry into eco-friendly new businesses. Carbon Korea is a Korean corporation that has an exclusive technology agreement with Carbon, a Norwegian company possessing carbon capture, utilization, and storage (CCUS) technology. Carbon holds over 100 global patents in the CCUS technology field. CCUS technology captures, stores, or utilizes carbon emitted during fossil fuel usage.
ISEcommerce is known to have considered entering new businesses as its existing e-commerce division entered a low-growth phase. The company operates the online shopping site 'WizWid.' Recently, amid growing concerns over its existing business due to the TMON and WEMAKEPRICE incidents, it is accelerating its entry into new businesses.
Former Blue House economic chief Cho Won-dong, appointed as an inside director, currently serves concurrently as chairman of the board of Carbon Korea. The company plans to promote new businesses through organic collaboration with affiliates. It aims to expand stable sales and corporate value as a manufacturing-based eco-friendly company.
Meanwhile, StarcoLink, an affiliate of ISEcommerce, recently decided to merge with the ship equipment company 'Starco.' Starco is a company established 33 years ago, which recorded consolidated sales of 151.3 billion KRW in 2015. Starco plans to recover sales through the merger with the listed company StarcoLink. Its order backlog stands at about 32.6 billion KRW, with expected sales of 28.8 billion KRW this year.
An ISEcommerce official explained, "The name change will be a cornerstone signaling our re-leap as an eco-friendly materials company," adding, "Our affiliate StarcoLink will also strive to improve performance and enhance shareholder value through stable sales."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
