Explosives and mining chemicals company Orica has signed a year-long extension to its sponsorship agreement with Orica-GreenEdge, but has confirmed that the 2017 season will mark its last as the Australian UCI WorldTour cycling team’s naming rights partner.
Orica’s previous agreement was due to expire at the end of the 2016 campaign, and the 2017 season will be its sixth and final year as the team’s naming rights partner. Financial terms of the extension, which also incorporates the Orica-AIS women’s cycling team, were not disclosed.
“Exiting the partnership after 2017 was not a decision made easily,” Samantha Stevens, vice-president of corporate affairs at Orica, said. “However, given the more challenging environment facing the resources and mining services sectors, it is the appropriate decision for Orica at this time. We wish the teams all the best for the future, and we are confident that they will build on their significant successes on the UCI event calendar, providing many more positive branding benefits for current and future sponsors.”
The Orica-GreenEdge and Orica-AIS teams have so far recorded 23 victories this season.