Kolon Plastics Inc. announced on Thursday that it will change its name to Kolon ENP.
The rebranding will be confirmed if approved at the regular shareholders' meeting on Mar. 29.
Kolon Plastics was established in 1996 as a joint venture with Japan's Toray Industries under the name KTP. In 2008, when the joint venture relationship was dissolved, it changed its name to Kolon Plastics.
The ENP in Kolon ENP stands for Empowering New Possibility, symbolizing the company's leap from plastics to future advanced materials.
The engineering plastics produced by Kolon Plastics are industrial materials used beyond disposable plastics in daily life, serving as high-performance, eco-friendly products that replace metals, explained the company.
The company has established an eco-friendly material supply chain based on recycled resources and secured clean raw materials for carbon-neutral and low-carbon product development.