diff --git a/src/main/java/org/apache/maven/plugins/shade/relocation/SimpleRelocator.java b/src/main/java/org/apache/maven/plugins/shade/relocation/SimpleRelocator.java
index 083957fd..cc7406dd 100644
--- a/src/main/java/org/apache/maven/plugins/shade/relocation/SimpleRelocator.java
+++ b/src/main/java/org/apache/maven/plugins/shade/relocation/SimpleRelocator.java
@@ -25,6 +25,7 @@
 import java.util.LinkedHashSet;
 import java.util.List;
 import java.util.Set;
+import java.util.regex.Matcher;
 import java.util.regex.Pattern;
 
 /**
@@ -121,7 +122,7 @@ public SimpleRelocator( String patt, String shadedPattern, List<String> includes
                     sourcePackageExcludes.add( exclude.substring( pattern.length() ).replaceFirst( "[.][*]$", "" ) );
                 }
                 // Excludes should be subpackages of the global pattern
-                else if ( exclude.startsWith( pathPattern ) )
+                if ( exclude.startsWith( pathPattern ) )
                 {
                     sourcePathExcludes.add( exclude.substring( pathPattern.length() ).replaceFirst( "[/][*]$", "" ) );
                 }
@@ -230,15 +231,13 @@ public String relocateClass( String clazz )
 
     public String applyToSourceContent( String sourceContent )
     {
-        if ( rawString )
-        {
-            return sourceContent;
-        }
-        else
+        if ( !rawString )
         {
             sourceContent = shadeSourceWithExcludes( sourceContent, pattern, shadedPattern, sourcePackageExcludes );
-            return shadeSourceWithExcludes( sourceContent, pathPattern, shadedPathPattern, sourcePathExcludes );
+            sourceContent = shadeSourceWithExcludes( sourceContent, pathPattern, shadedPathPattern,
+                    sourcePathExcludes );
         }
+        return sourceContent;
     }
 
     private String shadeSourceWithExcludes( String sourceContent, String patternFrom, String patternTo,
@@ -246,29 +245,57 @@ private String shadeSourceWithExcludes( String sourceContent, String patternFrom
     {
         // Usually shading makes package names a bit longer, so make buffer 10% bigger than original source
         StringBuilder shadedSourceContent = new StringBuilder( sourceContent.length() * 11 / 10 );
-        boolean isFirstSnippet = true;
-        // Make sure that search pattern starts at word boundary and we look for literal ".", not regex jokers
-        for ( String snippet : sourceContent.split( "\\b" + patternFrom.replace( ".", "[.]" ) ) )
+
+        int index = 0;
+        // Make sure that we look for literal ".", not regex jokers
+        Matcher matcher = Pattern.compile( patternFrom.replace( ".", "[.]" ) ).matcher( sourceContent );
+        while ( matcher.find( index ) )
         {
             boolean doExclude = false;
-            for ( String excludedPattern : excludedPatterns )
+            shadedSourceContent.append( sourceContent.substring( index, matcher.start() ) );
+            index = matcher.end();
+            if ( matcher.start() > 1 )
             {
-                if ( snippet.startsWith( excludedPattern ) )
+                char before = sourceContent.charAt( matcher.start() - 1 );
+                /*
+                 * Exclude the following situation
+                 * Pattern: "io"
+                 * Content: java.io.IOException;
+                 * Content: private String myException;
+                 * We found "io" in "java.io" or myException, which should be excluded
+                 */
+                if ( '.' == before || Character.isLetter( before ) )
                 {
                     doExclude = true;
-                    break;
                 }
             }
-            if ( isFirstSnippet )
+            char after = sourceContent.charAt( matcher.end() );
+            /*
+             * If next char is not a "." nor a "/"  we need to exclude
+             * Pattern: io
+             * Content: private String ioInput
+             * Content: String io, val;
+             * We found io in "ioInput" or "io,", which should be excluded
+             */
+            if ( '.' != after && '/' != after )
             {
-                shadedSourceContent.append( snippet );
-                isFirstSnippet = false;
-        }
-            else
+                doExclude = true;
+            }
+
+            if ( !doExclude )
             {
-                shadedSourceContent.append( doExclude ? patternFrom : patternTo ).append( snippet );
+                for ( String excludedPattern : excludedPatterns )
+                {
+                    if ( sourceContent.startsWith( excludedPattern, index ) )
+                    {
+                        doExclude = true;
+                        break;
+                    }
+                }
             }
+            shadedSourceContent.append( doExclude ? patternFrom : patternTo );
         }
+        shadedSourceContent.append( sourceContent.substring( index ) );
         return shadedSourceContent.toString();
     }
 }
diff --git a/src/test/java/org/apache/maven/plugins/shade/relocation/SimpleRelocatorTest.java b/src/test/java/org/apache/maven/plugins/shade/relocation/SimpleRelocatorTest.java
index 2934d0d0..b52fd9e6 100644
--- a/src/test/java/org/apache/maven/plugins/shade/relocation/SimpleRelocatorTest.java
+++ b/src/test/java/org/apache/maven/plugins/shade/relocation/SimpleRelocatorTest.java
@@ -201,12 +201,15 @@ public void testRelocateMavenFiles()
             "import org.apache.maven.In;\n" +
             "import org.apache.maven.e.InE;\n" +
             "import org.apache.maven.f.g.InFG;\n" +
+            "import java.io.IOException;\n" +
             "\n" +
             "public class MyClass {\n" +
             "  private org.apache.maven.exclude1.x.X myX;\n" +
             "  private org.apache.maven.h.H;\n" +
+            "  private String ioInput;\n" +
             "\n" +
             "  public void doSomething() {\n" +
+            "    String io, val;\n" +
             "    String noRelocation = \"NoWordBoundaryXXXorg.apache.maven.In\";\n" +
             "    String relocationPackage = \"org.apache.maven.In\";\n" +
             "    String relocationPath = \"org/apache/maven/In\";\n" +
@@ -225,12 +228,15 @@ public void testRelocateMavenFiles()
             "import com.acme.maven.In;\n" +
             "import com.acme.maven.e.InE;\n" +
             "import com.acme.maven.f.g.InFG;\n" +
+            "import java.io.IOException;\n" +
             "\n" +
             "public class MyClass {\n" +
             "  private org.apache.maven.exclude1.x.X myX;\n" +
             "  private com.acme.maven.h.H;\n" +
+            "  private String ioInput;\n" +
             "\n" +
             "  public void doSomething() {\n" +
+            "    String io, val;\n" +
             "    String noRelocation = \"NoWordBoundaryXXXorg.apache.maven.In\";\n" +
             "    String relocationPackage = \"com.acme.maven.In\";\n" +
             "    String relocationPath = \"com/acme/maven/In\";\n" +
@@ -255,4 +261,15 @@ public void testRelocateSourceWithExcludes()
                 Arrays.asList( "irrelevant.exclude", "org.apache.maven.exclude1", "org.apache.maven.sub.exclude2" ) );
         assertEquals( relocatedFile,  relocator.applyToSourceContent( sourceFile ) );
     }
+
+    @Test
+    public void testRelocateSourceWithMultipleRelocators()
+    {
+        SimpleRelocator relocator = new SimpleRelocator( "org.apache.maven", "com.acme.maven",
+                Arrays.asList( "foo.bar", "zot.baz" ),
+                Arrays.asList( "irrelevant.exclude", "org.apache.maven.exclude1", "org.apache.maven.sub.exclude2" ) );
+
+        SimpleRelocator relocatorPackage = new SimpleRelocator( "io", "shaded.io", null, null);
+        assertEquals( relocatedFile,  relocatorPackage.applyToSourceContent( relocator.applyToSourceContent( sourceFile ) ) );
+    }
 }