Ssangyong & Mahindra complete 1 yr tie up

Ssangyong Motor Company has announced that it had held a commemorative planting ceremony at its main office in Pyeongtaek to mark the first anniversary of its M&A with Mahindra and Mahindra (M&M) and the first general meeting of shareholders since the M&A. The ceremony not only commemorated this special anniversary but was also an opportunity for both Ssangyong and Mahindra to reiterate their commitment to continued growth and advancement in the future. The management and labour - Dr. Pawan Goenka, Chairman, Board of Directors, Ssangyong Motor Company and President, Automotive and Farm Equipment Sectors, M&M Ltd., President and CEO of Ssangyong Motor Yoo-il-Lee, and the Head of the Ssangyong Workers' Union Kim Kyu-han – planted two Korean pine-trees, together with other directors of the board after attending the general meeting of shareholders. The Korean pine tree has five leaves at each sheath and is evergreen, being resistant both to cold and hot weather. It is symbolic of the everlasting cooperation between the two companies and their commitment to growth. "In 2011, Ssangyong took strategic steps to stabilise the company by successfully merging with Mahindra and thereby devised a new corporate vision and mid- to long-term development strategies to ensure growth," said Yoo-il-Lee, President and CEO of Ssangyong Motor Company. "We will achieve our mid- and long-term business goals through active cooperation with M&M, like these two trees we just planted side by side," Lee added. “Like these trees that are symbolic of jangsaeng or longevity, Ssangyong has, over the past year, proved that it too can achieve growth and success in the face of challenges and a changing economy. This success is testimony to the joint efforts of both companies. Today, I am also pleased to announce that over the next one year, we plan to add 1000 trees to the green cover around the plant, as a tribute to the company’s continued growth,” said Dr. Pawan Goenka, Chairman, Ssangyong Motor Company and President, Automotive and Farm Equipment Sectors, M&M Ltd. Ssangyong's sales record for 2011 surged by 38.2pc which was the highest rate in the domestic automotive industry thanks to its global sales drive. In addition, Ssangyong is expected to stabilize its business at an early stage by consolidating its plans to enter the rapidly growing Indian automotive market.