Ube Industries changing its name to Ube Corp.
The decision is intended to reflect the Japanese company's shift away from a conglomerate structure and towards a focus on chemicals.
Japanese chemical company Ube Industries Ltd. has announced that it will change its trade name to Ube Corp.
In a “Notice of Change of Trade Name” document, Ube officials said that the decision is intended to reflect the company’s “shift away from its past conglomerate structure and the beginning of a new corporate history” that will focus on chemicals.
“The Ube Group, consisting of Ube Corp. and its group companies, aims to help solve global environmental issues, enrich people’s lives and health, and contribute to a prosperous future world by continuing to develop its chemicals business on a global scale,” the document said.
Founded in 1897 as the Okinoyama Coal Mine, the company later expanded operations to include machinery, cement, and chemicals businesses, and changed its name to Ube Industries Ltd. with the amalgamation of its operating companies in 1942.
“The Ube machinery business has already been spun off, and plans are in place between Ube Industries and Mitsubishi Materials Corp. to integrate their cement businesses and related businesses in April 2022,” the document continued. “Going forward, the company will become a chemical company, and each company will aim for more autonomous group management as a separate company again.”