Odebrecht announced on Friday that, from now on, it will be called “Novonor”. The move is part of an effort by the group to change its image and detach itself from the corruption scandals discovered after the Lava-Jato Operation.
“This is a historic decision for us. We are presenting the brand of an entirely transformed company, which starts to tell its story from now on, always looking to the future ”, stated in a statement, Maurício Odebrecht, Emílio’s youngest son, who was chosen as the successor of the command of the conglomerate, after the fights with Marcelo Odebrecht.
The change is an opposite movement to that made by the group in the past when all businesses started to adopt “Odebrecht” in their brand. Since Lava-Jato, several companies were already being renamed: the construction company became “OEC” (acronym for Odebrecht Engineering and Construction); Odebrecht Agroindustrial became Atvos. Changing the name of the holding company, however, is a significant step towards restructuring.
Novonor was born with 25,000 employees, a compliance system certified by the United States Department of Justice, restructured billionaire debts, but still with many problems.
As Valor has already reported, the group still has a series of challenges ahead: the difficulty of generating relevant revenues and ensuring long-term survival after the sale of Braskem; complete the payment of its debts and honor its commitments in addition to the judicial reorganization plan; in addition to overcoming the uncertainties caused by the family battle between Emílio and Marcelo Odebrecht.
