Indian-owned Corus to rebrand, using Tata Steel name
Europe-based steelmaker Corus, owned by India's Tata Steel, said Monday it will rebrand, using its parent company's name for its products to make the Tata name more prominent across Europe.
The Tata Steel name and logo will appear on Corus's documents, product deliveries, locations and vehicles, a statement from Tata Steel said.
Tata Steel, part of India's sprawling Tata Group conglomerate, bought the Anglo-Dutch company for 13.7 billion dollars in 2007 and is now the world's seventh-largest steel maker.
"This is the right time to enter a new era under the Tata Steel name," Kirby Adams, chief executive of Tata Steel Europe, said.
"This brand migration will lead to the Tata Steel name becoming much more prominent and widely recognised across Europe and will reinforce our sense of belonging to the Tata Steel family," he added.
The rebranding will be gradual, the statement said.
In August, Tata Steel posted a consolidated net profit, including earnings from Corus, of 18.25 billion rupees (388 million dollars) for the three months to June, against a loss of 22.08 billion rupees a year earlier.
Corus is in talks to sell its Teesside Cast Products (TCP) unit to Thailand's SSI for 500 million dollars (390 million euros).
TCP is based in northeast England and was closed at the beginning of the year after Corus failed to find a buyer for the steel products business, although it continues to employ 700 workers at the site.
© 2010 AFP