Mumbai: After its Norwegian parent Aker Kvaerner, multinational supplier to process and energy industries, officially changed its name to Aker Solutions ASA on 3 April 2008, the Indian subsidiary yesterday said it was following suit. Aker Solutions had also adopted a new brand logoalong with the change of name.
Aker Kværner was formed through the merger of Aker Maritime and Kværner Oil & Gas in 2002, though its origins date back to 1841 and is listed on the Oslo-Oslo Stock Exchange.
Aker Solutions, which is a part of the diversified Aker ASA, has businesses spanning a number of industries, including petroleum, refining and petrochemicals, pharmaceuticals and biotechnology and mining and metals. In 2006, the company's paper pulping and power businesses were sold to Finnish-based Metso in a deal worth €335 million.
President and CEO Simen Lieungh unveiled the new brand identity to shareholders, guests and stakeholders at the last ever annual general meeting of Aker Kvaerner. "From today we are Aker Solutions. Our new icon and new name symbolise clarity, innovation and the drive to move forward. They honour the commitment and skill of our people, who deliver expertly engineered solutions to our customers day after day", said Lieungh.
Explaining the rationale behind the rebranding exercise and the change of name, Lieungh said, "The name Aker Solutions represents a simplification and strengthening of our corporate identity and outlines our offering of comprehensive industrial solutions. It identifies our connection with Aker, a large industrial group with operations in industries and sectors with which we are engaged. It communicates the long term committed ownership of Aker, our synergies with other Aker companies and between our business units and business areas. We believe our new name further strengthens our potential as a company and brands our commitment to providing value adding solutions - our primary deliverable - to our customers," says Lieungh.
Aker Kvaerner Powergas Pvt. Ltd. renamed Aker Powergas Pvt Ltd
Concurrent to the change of name at Aker kavaerner, Aker Kvaerner Powergas Pvt. Ltd, amongst the largest engineering and contracting companies in the country, has also changed its legal name to Aker Powergas Pvt Ltd. Its executive chairman Pothen Paul is the country manager for Aker Solutions in India, and the head of the global process business.