IDB members yesterday voted in favour of swapping Irish Dairy Board Cooperative Limited for Ornua Cooperative Limited.
Ornua is derived from Ór Nua', which in Irish (Gaelige) means 'New Gold'.
Dublin-based IDB, which began life in 1961 as An Bord Bainne (The Milk Board), will adopt its new corporate identity and logo on March 31 2015 - the day before the removal of the EU milk quota system.
The EU milk quota system, which was introduced in 1984 to address the issue of overproduction, is scheduled to be abolished on April 1 2015.
Milk production in Ireland is expected to increase by around 50% by 2020 as a result.
The quota abolition represents a significant opportunity for IDB, which is perhaps best known for its Kerrygold brand.
“As Ireland’s largest export of dairy products, the IDB has been steadily building a global infrastructure to take advantage of the opportunities this new era in dairying will bring," said an IDB spokesperson.
"A business with such reinvigorated ambition needs an identity that fits for this new purpose – one that reflects its proud dairy heritage whilst clearly embodying a strong vision for the future. The new corporate identity, Ornua represents a modern, transformative heritage in the making."