Shareholders of Corac Group have voted in favour of the AIM-listed industrial engineer changing its name to TP Group, the company announced on Friday.The resolution was approved by shareholders at an annual general meeting and will take effect on Monday 1 June.Corac, which focuses on the aerospace, defence, energy and process markets, said the name change marks "another step in the group's substantial progress migrating from a research and development driven company to a growing and diversified business providing specialist engineering, technical services and managed services to global high technology markets".The company said its ongoing strategy was to deliver these capabilities to its core sectors to achieve organic growth and also to make "targeted acquisitions consistent with these goals".The share price was up nearly 4% at 5.19p in early trading, giving the company a market cap of £21.5m.