Record name-changes for US companies

Figures published this week by Enterprise IG show that 1999 saw more US company name-changes than any previous year.

According to Enterprise IG’s 30th annual corporate name-change survey, a total of 2733 US groups adopted new identities last year, which exceeds the record set in 1998 by 42 per cent.

The survey polled listed corporations on the New York, Boston and NASDAQ stock exchanges, as well as important privately-owned businesses within the US.

A large proportion of the new names (19 per cent) stem from technology groups listed on NASDAQ. However, listed groups in more traditional industries accounted for only 6 per cent of the total changes.

By sector, the most changes were adopted by financial groups (36 per cent), followed by healthcare (6 per cent) and energy (4 per cent).

By location, New York saw most changes, followed by California and Illinois.