The assumption that corporate brand identity is an internal creation is increasingly challenged by recently published research, which discusses identity as an ongoing social process of co-creation. The majority of the resulting insights relate to business-to-consumer brands and the relevance of brand identity co-creation to business-to-business branding remains largely undiscovered, even though the notions of interrelation between company and stakeholders are more intense in industrial settings. The purpose of the paper is to understand how a company and its corporate culture, behaviour, brand management and communication approach have to change over time to allow for corporate brand identity co-creation. This paper explores the individual case of a world-leading German prosthetic-technology company. Analysing the branding process over the period 1988 to 2018, we identified four phases in the transformation of corporate brand identity from internally governed to a nested system of identities.