Renaming site and SEO

We have a product line that has taken off for us in recent months.  Web traffic to this product has picked up from 500 visitors per month to 10,000 visitors per month.  Sales have picked up dramatically as well.  The source of this new traffic has been many tumblr blogs and knitting forums have started following and promoting us.

The product is a line of yarn called the M... Foundation Yarn Collection.  It is a line of cat inspired yarn colours that also helps the M... Foundation raise money.  The change we are making is to rebrand this as the M... Yarn Collection, dropping the Foundation portion.  The reason for this is that the M... Foundation is a Canadian charity and many of our American stores would like the charity portion to go to an American charity, which makes sense.  In the future the M... Foundation will benefit from all Canadian sales and a US organization called Best Friends will benefit from US sales (still to be finalized).  The concern I have is the traffic all flows to two pages on our website with "foundation" in the address.

I can set up a 301 redirect to direct traffic to new pages without the word foundation in the address but will I then destroy my hard earned rankings with google?  About 1500 visitors per month come to us by googling meow yarn or something like that.  Any thoughts on how best to proceed?
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That is what 301's are for, everything will be transferred to the new pages including any page rank etc. It is what Google says you should do.

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mel200Author Commented:
Jason C. LevineNo oneCommented:
Actually, the above may not be fully correct.  Any change in URL structure, even with a 301 in place, can result in a mild, temporary penalty from Google.

The key words above are mild and temporary.  You can expect to see a 10-25% hit in the rankings lasting a few weeks to three months.
Not according to Matt Cutts, the only proviso to this is if you start changing the content, but then that could affect page rank if it wasn't a 301, but you should definitely leaves the pages alone for a while.
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