The Avonmore Waterford Group (AWG) is to spend £1.5 million over the next two years on changing its name and logo.
The new name - Glanbia - derives from two Irish words, "glan" meaning pure or clean and "bia" meaning food. The company said its current name was confusing and did not reflect the changing nature of its business.
Selecting the new name and designing the logo cost the company more than £400,000, with the rest of the £1.5 million going towards the conversion of its business units.
Shareholder approval will be needed before Glanbia becomes the official name and an extraordinary general meeting will be held on February 15th. While Glanbia becomes the corporate name, individual brands like Yoplait and Kilmeaden Cheese will continue under those names.
Chief executive, Mr Pat O'Neill said the company did extensive research to identify the correct name and hundreds of potential names were rejected. He said the greatest difficulty was in finding a name which could be registered worldwide without being challenged by another party.
Mr O'Neill said initial reactions to the name in the UK and USA were very favourable. He said a large number of farmer members of AWG had seen the name and logo and expressed satisfaction.
The two design companies involved in creating the logo were London based firm Corporate Edge and the Dublin based BFK Design. The inspiration for the logo comes from two elements, sun and water, said the company.
As Avonmore Waterford is in a closed period, Mr O'Neill could not talk specifically about the company's fortunes. However he did discuss the general trends in the markets served by AWG.
He said an oversupply of meat in Europe and elsewhere was a major problem facing food companies at present, although he said depressed markets like the middle-east were starting to recover.
He said AWG would close its Clonmel milk plant next week and another plant in Rathfarnham, Co Dublin would be closed before March. He added that AWG's rationalisation plan will be "totally wrapped up" by the early summer.
