New Millennium Poses Dilemma Companies Ponder Changing Identities As 21st Century Looms

For some it’s a question for the ages. For others, it’s more immediate. Should businesses whose names feature the term “20th Century” make a change as the next millennium approaches?

Hundreds of U.S. companies, large and small, are weighing whether it’s worth the expense and possible customer backlash to give themselves a more up-to-date identity.

“It’s not wise for a company to change its most visible symbol - its name - unless it intends to offer different kinds of products or services or hopes to establish a new identity,” said Jim Johnson, president of Ansbach Grossman Enterprises, a New York management consulting firm.

Last year, 1,471 companies changed their names, a 27 percent increase over 1995, largely because of mergers and acquisitions, according to Ansbach Grossman, which surveys corporate name changes each year.

Last year, Twentieth Century Cos., a Kansas City, Mo.-based stock mutual fund company, changed its name to American Century Cos. after acquiring the Benham Group bond funds.

“We needed to have a unified identity and the end of the century was a strong consideration,” said Pat Harden, a spokeswoman for the company which manages $55 billion in assets.

The change was costly. American Century spent $1 million notifying the 2 million Twentieth Century and Benham account holders of the change, said Chris Doyle, another spokesman. The company then had to alert the publications that carry listed prices of the 66 Twentieth Century and Benham funds.

Next year, 20th Century Industries, a Woodland Hills, Calif., auto insurer, “very likely” will change its name to 21st Century, said spokesman Rick Dinon. The company, founded in 1958, has 1 million customers in California and Arizona.

“We want to keep the name current and modern,” said Dinon.

Twentieth Century Fox Film Corp. won’t be changing its name, said spokesman Jeffrey Godsick. The movie studio and film and video distributor - which has produced the “Star Wars” and “Home Alone” series - said a change would be very costly and would risk losing the company’s time-honored identity.

Twentieth Century Fox, a unit of Rupert Murdoch’s Sydney-based News Corp., has filed an application with the U.S. Patent Office to retain the right to adopt the name “Twenty First Century Fox” as a “protective move,” said Godsick. It wants to prevent another company from adopting the name, he said.

Many small business owners also are resisting a name change for fear of losing long-time customers.

“There’s no reason to change it,” said Bob Brooks, owner of the 20th Century Restaurant in Milford, Ind. “The restaurant’s been around since the late 1930s, so there is a historic feel to the name.”

Twentieth Century Travel Inc., in Oak Forest, Ill., will remain in the 20th century in name as well. “It’s always been Twentieth Century and it will always stay Twentieth Century,” said owner Donna Ganz.

While no date’s been set, the Windsor, N.Y., firm 20th Century Towing plans to switch its name to 21st Century Towing. “It’ll be expensive to change,” said owner Pat Torpey. “But it’s worth it because you’ve got to keep up with the times.”