The company is also to expand its wood-based panel production by 10% in a new investment programme.

Brazil-based Duratex’s board of directors approved the name change in July, with shareholders of the company due to consider the move at the Extraordinary General Meeting on August 18.

“With 70 years of history, Duratex has decided to change its corporate brand,” the company said in a statement.

“This change is part of a transformative journey, begun some years ago, that symbolises a new cycle of strategic growth for the company and that aims to leverage competitive advantage and enable expansion into new businesses.

“With Dexco and the promise of the new Viver Ambientes (Living Environments) brand, the company is also taking an important step towards bringing its clients and consumers closer together.”

The company has also announced its plan for R$2.5bn additional investment over the next three years, allocated between a number of projects. In the Wood Division, the company will invest approximately R$500m, as part of the strategy to become increasingly cost-competitive.

Of this amount, R$90m will be allocated to de-bottlenecking projects in the factories, with a potential increase in wood panel production capacity of 10%.

An additional R$180m will be allocated to the acquisition of three panel coating lines, which will support the strategy for differentiation through a 45% increase in the capacity for coating wood panels.

Finally, with respect to the long-term growth strategy, the company will invest approximately R$240m in expanding its forestry base in the north-east region of the country, through its subsidiary Caetex.