Wells Fargo lends its brand name to line of cameras, safes
MIAMI LAKES, Fla. - Wells Fargo Co., with its historic origins in banking, gold delivery services and stagecoaching, is lending its name to a line of consumer security products to be sold through major retailers across the country.
World Office Products, based here, signed an agreement to license the Wells Fargo and Wells Fargo Co. names potentially until March 2012. The company, which makes security cameras, security monitors, door locks and padlocks, will use the brand as part of the companyÃ¢â‚¬â„¢s focus on targeting the consumer mass market with its home/small office security products, said Matthew Marlotte, vice president of World Office Products.
The exclusive licensing agreement between World Office Products and California-based Equity Management Inc., the company that manages the Wells Fargo trademark, is valued at $45 million.
To capitalize on the reputation of the Wells Fargo brand, World Office Products will also roll out a line of personal and office safes, and cash and lock boxes to broaden the scope of its products.
Ã¢â‚¬Å“Our vision is to create behind the name a strong brand thatÃ¢â‚¬â„¢s recognized for a variety of security products,Ã¢â‚¬Â Marlotte said. Ã¢â‚¬Å“When people see it at a retail setting, people will think safety, security and reliability.Ã¢â‚¬Â
The addition of the Wells Fargo name also comes at a time when World Office Products is phasing out the Remmington Security name, instead instituting the Wells Fargo brand.
Ã¢â‚¬Å“We didnÃ¢â‚¬â„¢t want to have two different brands out there so it justÃ‚Â madeÃ‚Â senseÃ‚Â to consolidateÃ‚Â things,Ã¢â‚¬Â Marlotte said.
World Office Products sells its security products and other lines of document shredders, emergency lanterns and office chairs, through a variety of retailers, such as LoweÃ¢â‚¬â„¢s, Kmart and Wal-Mart, as well as through various distributors.