Caltex Australia to Switch to Ampol Brand, Change Name
December 22 2019 - 4:45PM
Dow Jones News
By Mike Cherney
SYDNEY--Gas-station company Caltex Australia Ltd. (CTX.AU) said
Monday that it would transition to the Ampol brand and change its
company name after Chevron Corp. terminated the license agreement
for the Caltex brand.
The transition is planned over a three-year period and is
expected to cost Caltex 165 million Australian dollars (US$114
million).
However, the transition should ultimately save Caltex A$18
million to A$20 million in annual trademark license fees, which is
in addition to cost-saving initiatives previously announced by the
company.
Caltex said it would seek shareholder approval to change its
corporate name at the annual shareholder meeting in May.
"Our market research confirms that Ampol continues to be
regarded as a high-quality and trusted brand by Australian
consumers and resonates across our key customer segments," said
Caltex Chief Executive Julian Segal. "The transition to Ampol also
supports our evolution into a growing regional fuels and
convenience business."
Caltex said the termination of the license agreement with
Chevron followed 18 months of discussions.
-Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
December 22, 2019 17:30 ET (22:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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