I wrote an internal help-desk system once that manglement decided to name Problem Management System, which was fine in the UK head office but whenever I mentioned it to the US office they would just start sniggering. Then one day they explained that it was the same as naming something PMT in the UK. Although to be honest the system performance made the name quite apt.
Same company went through a lengthy process of renaming a product we sell to PET, which was an acronym. After months of discussions and marketing material being produced it was finally release to the European sales offices. At that point the French office pointed out that 'pet' in French means 'fart', so all the marketing material had to be scrapped.