May 31 2010
Vale Inco announced the natural next step in the company's evolution today by changing its name to Vale -- a milestone that aligns it more fully with other Vale operations worldwide and reflects its position as part of the world's second largest mining company.
A world leader in nickel, the former Inco Limited was acquired by the former CVRD in late 2006. It has operated around the world as Vale Inco since 2007 when CVRD rebranded itself as Vale.
"Our global nickel business will continue to be headquartered in Toronto, Canada," said Tito Martins, President and CEO of Vale's nickel operations. "We have a very strong team in place and are building a long-term future for our operations around the world in Canada, Indonesia, New Caledonia, the United Kingdom, China, Japan and Brazil. Our nickel business today is larger than it was in 2006, when we first invested in Inco and we are building on that investment every day.
"We are positioning our company to meet the challenges of an increasingly competitive global marketplace," he continued. "Our objective is to ensure a sustainable, successful future for the business and the people and communities who rely on it."
Vale's nickel business has more than 11,000 employees worldwide and net sales in 2009 of US$3.26 billion, accounting for 13.6% of Vale's overall global revenue. The management team in Toronto oversees a global business committed to significant production upgrades, capital investments and new projects that hold forth the potential for further growth in Canada and internationally.
When Vale acquired Inco in 2006, it was the largest-ever acquisition by a Latin American company. "It was a defining moment in our history," remarked Roger Agnelli, President and CEO, Vale. "We stepped boldly onto the global stage and since that time our growth has continued, with our nickel operations playing a vital role in achieving our international ambitions.
"We have overcome many challenges and today stand poised to complete significant investments in new nickel operations at Goro in New Caledonia and Onca Puma in Brazil, said Mr. Agnelli. "In Canada, we are opening the first new mine in our Ontario Operations in close to 40 years, at Totten, and are constructing a new state-of-the-art hydromet processing facility at Long Harbour in Newfoundland. All of this is building towards positioning Vale as the leading, safest and most profitable nickel company in the world -- which is our ultimate objective."
"While our name is changing, we are still the very recognizable company our employees and communities have come to know," continued Mr. Martins. "We are proud of our Inco heritage and its rich 107-year history -- the record of accomplishments and the employees who made them possible were a large part of what attracted Vale in the first place. That experience and that commitment to excellence will continue to drive us going forward. Today's announcement builds on the achievements of our past to help create an exciting and prosperous future."
The roll-out of the Company's new name will occur across its Canadian and global operations over the coming weeks and months.