CVRD Cuts the CRD

Brazilian mining powerhouse CVRD has changed its name to Vale as part of what it calls a “new brand and new communications positioning.” Donning a white hard hat, CEO Roger Agnelli made the announcement Thursday to about 500 managers from around his expanding empire. They were gathered in Rio auditorium and entertained by an enthusiastic drum-banging, singing and dancing troupe. The new logo – a warped green and yellow ice cream cone – is designed to bring the iron ore producer “closer to people,” says the firm. The new positioning and brand “highlight the fact that Vale produces essential ingredients for daily life, supplying, with its iron ore production, the raw material for several products like computers, watches or stoves,” adds the entity formerly known as CVRD. “With its new visual identity the company aims to consolidate its image as a Brazilian company with global action, highlighting its distinctive position in the international landscape,” the firm’s PR machine gushes. Bankers hoping for business from the frequent issuer are advised to abolish immediately the following from their lexicon: “Companhia Vale do Rio Doce,” “Rio Doce,” and the acronym CVRD.