A town in Quebec, Canada, called Asbestos is changing its name, with local officials saying that the current name gives off a "negative perception."

"There is really a negative perception around asbestos," Mayor Hugues Grimard told CNBC.

"We have lost businesses that don't want to establish themselves here because of the name."

ADVERTISEMENT

Asbestos was once the go-to material for insulating buildings and the town that shared the same now was reportedly the largest single producer of the material in the world at one point.

But the mining and use of the asbestos in construction is now largely banned in places around the world due to the fact that inhaling the material can lead to chronic lung disease.

It will reportedly cost the town around $100,000 to change its name and the process will begin in January.