Jun 6, 2024 - Business

Scoop: Koch looks to the future with rebrand

Image of the Koch Inc logo

Credit: Koch Inc.

Koch Industries — one of America's largest and most influential privately held companies — is changing its name for the first time since 1968.

Why it matters: The conglomerate, owned mostly by American billionaire Charles Koch and his family, is dropping "Industries." That marks the evolution from the oil-refining operation that brought it to prominence.

  • Being known as Koch Inc. (or "Koch") is a "better fit for our current business and vision for the future," according to an email to employees obtained by Axios.

The big picture: While the change seems small, it speaks to a broader trend of legacy companies rebranding to explain the evolution of the business.

  • Pharmaceutical distributor AmerisourceBergen recently rebranded to Cencora, while Elon Musk changed Twitter's name to X.

State of play: In recent years, Koch has invested nearly $4 billion in disruptive technologies like semiconductors and cyber security and $36 billion in technology investments. It also continues to invest in real estate, such as Fontainebleau Las Vegas.

  • There have also been leadership changes, with the elevation of Dave Robertson as the company's first co-CEO — alongside Charles Koch — and Jim Hannan as president and chief operating officer.

Yes, but: Just because "industries" has been stricken from its name does not mean the company is divesting its industrial business.

  • It continues to operate refineries in Texas and Minnesota.
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