LONDON, Jan. 21, 2002 (PRIMEZONE) -- A survey of global corporate name changes during 2001, carried out by Enterprise IG, international brand and identity consultants, shows that the number of corporate name changes only decreased by seven per cent from the previous year's figures.
In the survey covering 50 countries, there were 3,602 name changes in 2001 as compared with 3,893 in 2000. The U.S. led in corporate name changes, but nearly a quarter of the new names during 2001 were by corporations outside the U.S. The survey noted 412 name changes by European companies. In 19 other international markets the survey found 774 name changes of a significant size.
Releasing the results of his firm's survey, Enterprise IG Global CEO Jim Johnson said, "Given the global economic slowdown, an estimated 50 per cent decrease in mergers and acquisitions, and the impact of Sept. 11, a decline of only seven per cent on a worldwide basis reflects an awareness of the ever-growing need for a distinctive, effective corporate name. Interestingly, even though U.S. companies contributed 2,774 new names to the over-all tally, this figure reflected a similar seven per cent drop from the previous year."
After the U.S., the United Kingdom posted the largest number of name changes, 169, followed by Canada with 122, Japan, 104, Germany, 64 and France 62. Of these, only Japan and France showed increases over 2000.
Johnson said, "The challenge of selecting a memorable, broadly applicable and lasting corporate name has stimulated a revival of interest in the so-called dead language of Latin." Among corporations adopting new names with Latin roots are Philip Morris, Zurich Re Insurance and Schroder Ventures Europe. Philip Morris has proposed that shareholders approve "Altria," derived from altus, meaning high. Schroder Ventures Europe chose Permira which the company stated, means "very surprising." And Zurich Re chose the less, high-flying and more reassuring Converium as its new name.
Dotcom firms continued to shed their dotcoms in favor of more traditional names. Possibly the most colorful dotcom was PurpleYogi.com, which selected Stratify as its "more serious" name. In Australia, the Sausage Group opted for SMS Management & Technology to reflect broader capabilities. One of the biggest U.S. mergers produced a compound name: Chevron Texaco; Trans World Airlines disappeared into American Airlines; Credit Suisse eliminated the Warburg Pincus designator from 90 of its investment funds; Dun & Bradstreet asked to be known as D&B, although it retained the full name officially. Veterinary Centers of America changed to VCA Antech and not least, The Rock, Prudential Insurance Co. of America, became Prudential Financial.
Among non-U.S. corporations, Havas Advertising purchased its name back from Vivendi Universal, its largest shareholder, and agreed to drop Advertising from its name; British Telecommunications streamlined itself into BT Group; Tokyo Shibaura Electric adopted the brand name by which it is known worldwide, Toshiba.
As in the past years, financial institutions accounted for the largest number of name changes with a total of 1,975 or 55 per cent. This was followed by communications companies with 432 or 12 per cent, manufacturing and industrial firms, 239 or seven per cent, energy companies with 211 or six per cent and health care, 146 or four per cent. Mergers and acquisitions, divestitures, corporate reorganizations, sales of assets and spin-offs accounted for 1,786 of the new names or 50 per cent. Name changes not directly attributable to a corporate consolidation or separation rose appreciably over the previous years total of 1,456 with 1,681 names or 47 per cent.
In the U.S., New York led the name-change charge with 771 or 21 per cent; California was second with 136 or four per cent; Illinois third at 93 or three per cent; Massachusetts 79 or two per cent; and Texas with 75, also two per cent. A total of 43 states and the District of Columbia contributed to the U.S. total, while abroad the tally was 49 countries, down 13 per cent from the 56 recorded in 2000.
Notes to editors
Enterprise IG is the world's largest brand and identity consultancy, and a member of WPP. The company provides a wide range of corporate and consumer branding services including brand strategy, corporate identity, naming, brand analytics and implementation. Enterprise IG has offices in Amsterdam, Bangkok, Copenhagen, Detroit, Dublin, Hamburg, Hong Kong, London, Melbourne, New York, Oslo, Perth, San Francisco, Shanghai, Singapore, Stockholm, Sydney, Tokyo, and Taipei. Clients include Bank of America, Coca-Cola, Disney, AXA, Ford Motor Company, Instinet, Merck, Qwest and Reuters.
WPP (Nasdaq:WPPGY) is one of the world's largest marketing and communications services companies, providing services to local, multinational and global clients including more than 300 of the Fortune Global 500. WPP employs 65,000 people in 1,300 offices in 102 countries.
This release in its entirety, including the full list of Corporate Name Changes, can be viewed at the following link: http://www.primezone.com/files/enterprise.doc