Danish oil and vegetable fat company Aarhus Oliefabrik is in for a make-over with 2004 heralding in a new name and company structure.
At a meeting next week, the supervisory board of the 150 year old plus company will propose a brand new name - Aarhus United - that aims to reflect the 'comprehensive globalisation' of the Danish business.
The name will embrace 14 companies including Aarhus Olie, Anglia Oils, Aarhus Inc. and Santa Lucia. According to Aarhus, customers and shareholders have long been calling for a simpler structure and clearer overview of the business.
"In changing the name to Aarhus United we aim to highlight and gather the strengths and expertise that exist within our group. We regard it a logical choice," said the company in a statement.
A choice which, the company continued, reflects "several companies united into one organisation and highlights our close relationship with United Plantations".
In addition to changing the name, Aarhus said that it will reorganise its different companies into a new group structure from 1 January 2004. Details are yet to be disclosed.
In May this year Aarhus reported a drop in post-tax profits to DK19.4 million (€2.61m) for the first quarter of 2003, compared with DK21.8 million for the same period in 2002. Results were knocked by intense price competition and a global recession in bulk oil markets but strong sales in confectionery speciality fats helped lift the results.