Corporate name changes increase slightly at mid-year; Mergers and acquisitions continue to lead changes.

Portugal Inc., New York-based identity management consultants, reported that of a total of 8,286 companies, including those that are privately held and those listed on the New York and American Stock Exchanges as well as NASDAQ, 593 engaged in corporate name changes during the first six months of 1995 -- up 5% from the 566 name changes reported at the end of the first half of 1994.

Of the total, companies listed on the New York and American Stock Exchanges accounted for 8 percent, or 46 corporate name changes, up from 41 in the first half of 1994.

Releasing his firm's 26th semi-annual tally, President and Chief Executive Officer, Jim Johnson, reported that a high percentage, 53 percent, or 316 new names, were the results of mergers and acquisitions, continuing the long-term trend. "Corporate America' has become the most competitive business force in the world today...and we are continuing to widen our lead. Mergers and acquisitions actively reflect a continued drive toward enhancing operating efficiencies and capabilities. Building strong corporate brands is part of that drive." said Johnson. He also noted that, "while the domestic economy has been strong, U.S. companies are competing among the best of the best in the world, and they must position themselves accordingly."

The merger of Lockheed and Martin Marietta produced an important new name in the defense and aerospace industry, Lockheed Martin Corp. Other new names involving well-known companies included General Mill's spin-off of its restaurant group as Darden Restaurants and the formation of U.S. Industries through Hanson PLC's "demerger" of 34 of its American operating companies. Divestitures, sales of assets and spin-offs added a further 91 or 15 percent to the new names tally.

Among financial firms, Barclays Business Credit merged into Shawmut Capital; Kidder, Peabody was swallowed by PaineWebber; and following their sale, Xerox's life insurance companies acquired Cova as their new corporate name. In healthcare, National Medical Enterprises merged with American Medical Holdings to form Tenet Healthcare Corp. And in retailing, Pea in the Pod was acquired by Mothers Work Inc.

No fewer than 145 corporations or 24 percent adopted their new names to communicate a change in direction, to reflect broadened or consolidated operations, or to simplify a familiar name, e.g. Sunbeam-Oster is now Sunbeam Corp. The Travelers Inc. changed to Travelers Group; after many years Bayer could be used as a corporate name in the U.S. and Miles adopted it; Ashland Oil dropped "Oil" in favor of Ashland Inc.; Greyhound Financial changed its name to Finova Capital, and Rochester Telephone switched to Frontier Corp.

In keeping with tradition, the financial industry produced the largest number of name changes, achieving 161 or 27 percent. Unlike previous years when banks and thrifts led the numbers, this year's changes were principally among investment banks, mutual funds, brokerage houses and insurance companies. Manufacturing and industrial corporations accounted for 90 or 15 percent to hold second place. Name changes in both these categories, however, declined from 1994 first half figures. Communications companies with 88 or 15 percent ranked third, followed by the health care industry with 66 or 11 percent. Placing fifth were energy firms with 39 or 7 percent.

Geographically, New York continued to have the largest number of name-changing corporations with 72, followed by California, 50, Texas, 45, Ohio, 37, and Pennsylvania, 64.

Anspach Grossman Portugal Inc. is a leading identity management consulting firm that, since its founding in 1969, has assisted over 300 corporations world-wide in developing identity systems to support their corporate, retail and brand strategies. Recent clients include American Express, Ameritech, Berlitz International, Gillette, Kmart, Lockheed Martin, Mayo Clinic, Maytag, Raytheon, Tropicana, Time Warner and UPS. The firm's survey tracks companies listed on the New York and American Stock Exchanges and NASDAQ, as well as major private corporations and the U.S. subsidiaries of foreign corporations.

CONTACT: Jim Johnson

212/692-9000