Coote changes name to Engenco

Shareholders of Coote Industrial have approved the company changing its name to Engenco.

The change was approved at the company's annual general meeting.

Engenco managing director Vince De Santis told shareholders, "Engenco may be the new investment market facing name of your company however the customer facing brand equity very much resides in the operational businesses and names such as Drivetrain, Gemco, Convair, Momentum and CERT."

"Of course a new name of itself is not guarantee of success and at one level it might simply be regarded as a purely cosmetic exercise.

"We believe the new name is more than that ... it is an important symbol of the positive changes underway within the group," he said.

Coote Industrial recorded a $124.6 million net loss after tax for the 2010 financial year, after incurring $118.9 million worth of impairments, writedowns and losses on the sale of assets.

The company's new code will be ENG.