JXTG Holdings Inc. will change its trade name and the name of its lubricant and grease producing subsidiary to Eneos and integrate its management structure to create a global brand for its overseas market, the company announced recently.
JXTG Holdings Inc. will be changed to Eneos Holdings, Inc., and its lubricant and grease producer, JXTG Nippon Oil & Energy Corp., will be renamed Eneos Corp. upon approval at its annual shareholders meeting in June.
By conforming the trade names with the brand, JXTG Holdings will use the high level of brand awareness of Eneos to promote our business and aim to develop Eneos into a global brand in order to achieve our goal of becoming one of the most prominent and internationally competitive energy and materials company groups in Asia, stated in the long-term vision [plan], the announcement said.
The long-term vision for 2040, announced in May, includes developing products and marketing networks in line with global trends and meeting demand for electric vehicle lubricants and other applications due to economic growth in emerging countries.
The changes in management structure and trade name were driven by the importance of accelerating our decision making and execution of our business in a rapidly changing environment, a company spokesman told Lube Report.
JXTG has three core operating companies. The new structure will integrate the management of JXTG Holdings and JXTG Nippon Oil & Energy, one of its core operating companies. Directors and officers will hold positions concurrently in both entities where possible, consolidate decision-making bodies and substantially operate as one operating holding company while continuing to be separate legal entities.
The other two core operating companies under JXTG Holdings are JX Nippon Oil & Gas Exploration Corp. and JX Nippon Mining & Metals Corp., and their trade names will remain unchanged.
Eneos is a combination of two words – energy and neos, which means new or young in Greek. Eneos was launched in 2001 as a brand for gas stations in Japan, and is widely recognized in the country through its 13,000 gas stations and consumer electricity business, Eneos Denki.