Corporate name changes rise sharply in first half 1996; Increase is 30 percent over 1995.

NEW YORK--(BUSINESS WIRE)--June 27, 1996--Corporate name changes rose significantly in the first half of 1996, increasing 30 percent over the same period last year, according to figures reported today by Anspach Grossman Enterprise.

This represents the highest number of corporate name changes in a first half since June of 1988.

Releasing its 27th semi-annual survey, the identity consulting firm, formerly known as Anspach Grossman Portugal, reported a total of 772 new corporate names as of mid-year 1996, compared with 593 during the same period in 1995. The survey covered corporations listed on the New York and American Stock Exchanges, NASDAQ, and major privately held firms and U.S. subsidiaries of foreign corporations. New York and American Stock Exchange traded companies accounted for 39 of the new names; NASDAQ traded firms totaled 157 or 20 percent of the tally.

Anspach Grossman Enterprise President and Chief Executive Officer Jim Johnson pointed out that mergers and acquisitions represented 49 percent or 378 new corporate names, a 19 percent increase over the 316 new names compiled in the first six months last year. According to Mr. Johnson, the continued high merger and acquisition activity reflects the steady growth of the American economy as well as ongoing corporate realignments, especially in the financial services, communications and health care sectors. Divestitures, sales of assets and spin-offs contributed an additional 85 or 11 percent of the new names. His own firm had changed its name, he added, in a corporate reorganization aimed at providing identity services to client companies operating world-wide.

Among the notable mergers that occurred during the period were the combination of Chemical Banking and Chase Manhattan, with the latter being the surviving entity; the merger of Union Bank of California, Bank of California and BanCal Tri-State Corporation to form Union BanCal Corp.; and the combination of Aetna's and Travelers' property and casualty insurance underwriting into Travelers/Aetna Property Casualty Corp.

In the communications area, Sprint spun-off its cellular operations into 360 Degrees Communications Co.; AT&T's separation into three major companies introduced the name Lucent Technologies for its former telecommunications equipment unit and restored one familiar older name, NCR Corp., formerly AT&T Global Information Solutions.

The period recorded a total of 269 corporations or 35 percent that changed their names for such internal operational reasons as communicating a shift in over-all direction or function, or to simplify or capitalize on an already well-known name. Among these were Campbell Taggart's adoption of The Earthgrains Company; Astrum International's switch to Samsonite Corp.; SCE Corp., to Edison International; Panhandle Eastern to PanEnergy; North American Watch to Movado Group and Western Publishing to Golden Books Family Entertainment.

The financial industry compiled the largest number of new names: 204 or 27 percent, up 26 percent from mid-year 1995. Investment banks, mutual funds, brokerage houses and insurance companies comprised over 61 percent of the financial sector's name changes. Communications firms moved up to second place with 129 or 17 percent, while industrial and manufacturing companies dropped to third with 123 or 16 percent. Placing fourth, as in 1995, was the health care industry with 71 new names or 9 percent, followed by energy firms with 62 or 8 percent.

Geographically, New York with 78 name changes held onto its traditional first place, followed by California 48, Texas 43, Pennsylvania 39 and Massachusetts 24.

Anspach Grossman Enterprise is a partner of Enterprise Identity Group, the global identity consultancy of WPP Group plc, serving international business from offices in New York, London, San Francisco, Hong Kong and Taipei. Since its founding in 1969, Anspach Grossman Enterprise has helped well over 300 corporations around the world in developing identity systems to support corporate, retail, brand and identity strategies. Recent clients include: American Express, Detroit Edison, Gillette, Lockheed Martin, The Earthgrains Company, Kemper Funds, Time Warner, Cargill and National Commercial Bank of Saudi Arabia.

CONTACT: Anspach Grossman Enterprise, New York

Jim Johnson, President and Chief Executive Officer,

Nancy Senken, 212/692-9000