The Irish Dairy Board’s rebranding as Ornua became official today on the eve of the lifting of EU milk quotas.

The co-op, which trades under the Kerrygold label, said its new global identity would aid its mission to develop valuable global markets for its products.

In preparation for the removal of milk quotas, the company has invested over €200 million in growing its brands, making significant investments in the US, Germany, the UK, Saudi Arabia, and more recently, in Spain.

It also launched its first whole milk product in China - the fastest-growing dairy market in the world - last year, and is constructing a new butter production plant in Mitchelstown, Co Cork.

Commenting on its rebranding, chief executive Kevin Lane said: "A business with such reinvigorated ambition needs an identity that is fit for a very bright future."

“We now complete our preparation, by unveiling an identity which not only reflects our position as a modern customer and consumer-facing business but one which acknowledges and celebrates our proud dairy heritage.”

Under the change, the trading name Irish Dairy Board Co-operative Limited has changed to Ornua Co-operative Limited.

The change relates solely to the corporate identity with its portfolio of consumer brands including Kerrygold, Pilgrims Choice, Dubliner, Beo, Shannongold remaining unaffected.

This is the second time in its 54-year history, the organisation has changed its name. Originally set up in 1961 by the government as An Bord Bainne, it became a co-operative in 1973, eventually adopting the name Irish Dairy Board Co-operative Limited in 1994.