Yes, they changed the name of the company from WFL to Ludwig Drum Co almost immediately after buying the name, but they held off actually changing the brand of the drum line for around three years, although the badge came to reflect the new company name on the bottom by 1957.

Many folks don't realize that the current Ludwig Drum Co. is actually directly descended from WFL while the original Ludwig & Ludwig actually died off (more or less) around 1950 when Conn combined it with Leedy creating Leedy & Ludwig. The Ludwigs did buy back the company they had created and were entitled to harken back to the original 1909 history but the actual Ludwig drums most of us are familiar with are the WFL line developed between the late 30's on into the mid 50s rebranded as Ludwig. The badge changed but the drums continued on just as before.