New names spell job boost

The number of new names, and therefore identities, adopted by US companies each year has increased by more than half, according to new research carried out by global branding consultancy Enterprise IG.

The consultancy’s annual mid-year survey identified a name change total of 1456 in the first half of this year, compared to 955 in the first half of last year. The survey includes companies listed at US stock exchanges, major private groups and US subsidiaries of foreign companies.

Increasing use of the Internet is partly responsible: 133 companies changed their name to include the term “dot com Inc”. There has also been an acceleration in mergers, acquisitions and spin-offs.

The financial services industry accounted for 39 per cent of the name changes, with the communications sector second, at 16 per cent. Manufacturing groups were third, representing 8 per cent of the new names.