Last year some 1,285 U.S. companies changed their names, up 20 percent from 1991 and marking an end to a three-year downward spiral, according to a survey released this week.
"These numbers are a promising indicator of business renewal," said Joel Portugal, a partner of Anspach Grossman Portugal Inc., the identity management consulting firm that conducted the survey.About 70 percent of the changes resulted from "some strategic business activity," including mergers, acquisitions, spin-offs or reorganizations.
Portugal said the last time his firm saw an increase in name changes was in 1982, just before the economy embarked on the broadest peace-time expansion ever.
Still, last year's name changes did not top the all-time high, set at 1,864 in 1988, the 23rd annual survey showed.
Most of the changes - 30 percent, or 385 - occurred in the financial industry, particularly among banks, thrifts and insurance companies. In one of the most notable changes, Security Pacific became BankAmerica, reflecting its acquisition.
Manufacturing and industrial firms ranked second, with 279 changes, the firm said.
The number of companies that voluntarily changed their names rose 37 percent to 302. Some changes were simplifications, like Gulf Resources & Chemical Corp., which chose Gulf USA. Portugal noted that the word "chemical" is "considered unfriendly these days."
Portugal cited Unadulterated Food Products' decision to put its favorite beverage, Snapple, in its new name as one of the best moves of the year. The company is now known as Snapple Beverage Corp.
United Telecommunications used a similar strategy when it changed its name to Sprint, after its long-distance phone service.