GrainCorp Limited is an Australian commodity trading company listed on the Australian Securities Exchange. The company's core business is the receiving and storage of grain and related commodities. It also provides logistics and markets these commodities.
 | |
| Formerly | Grain Elevators Board Government Grain Elevator |
|---|---|
| Company type | Public |
| ASX: GNC | |
| Industry | Agriculture |
| Founded | 1917 |
| Founder | Government of New South Wales |
| Headquarters | 175 Liverpool Street, Sydney, Australia |
Key people | Peter Richards (Chairman) Robert Spurway (Managing Director and CEO) |
| Services | Grain storage, handling and marketing |
| Revenue | $4.9 billion (2019) |
| Website | www.graincorp.com.au |
The company was founded by the Government of New South Wales as a public sector agency, Government Grain Elevator (later the Grain Elevators Board), in 1917. It was formed to transport grain from local collection points located on railways throughout the grain-producing regions of New South Wales. It was later known as the Grain Handling Authority. It was privatised in 1992 with a majority of shares being transferred to grain growers, and listed on the Australian Securities Exchange in March 1998.[1][2]
GrainCorp's operations have subsequently extended into other Australian states by amalgamations with other grain handling operations. In July 2000 it merged with its Victorian equivalent, Vicgrain.[3][4][5] The company operates an extensive network of rail-linked storages across south-east Australia, as well as seven export terminals in Brisbane, Geelong, Gladstone, Mackay, Newcastle, Port Kembla and Portland.
In November 2009 GrainCorp expanded into North America through the purchase of the United Malt Holdings group of companies.[6] In July 2011, GrainCorp agreed to buy maltster GermanMalt GmbH & Co, extending its reach into Europe.[7]
Having purchased a 20% stake in the company, in 2013 Archer Daniels Midland launched a take over offer.[8] Although cleared by the Australian Competition & Consumer Commission, the bid was disallowed by Federal Treasurer Joe Hockey, citing that it would not be in Australia's national interest.[9][10][11]
In May 2009, eighteen 48 class locomotives and 180 grain wagons were transferred by the Government of New South Wales at no cost. They continued to be operated by Pacific National.[12][13] In Queensland, services are contracted out to Watco Australia.[14]
Demerger of United Malt Group
editIn early 2020, GrainCorp announced that the demerger of its malt business and created the United Malt Group.[15][16][17] The new company was also listed on the ASX on the 2nd of April 2020.[18]
Controversies
editIn October 2019 GrainCorp was found guilty by the New South Wales Environment Protection Authority of breaches of fumigation protocol at its Port Kembla facility. The breaches were self-reported in February 2018 and GrainCorp was fined $40,200.[19]
References
edit- ^ NSW GrainCorp goes up for sale Canberra Times 12 February 1991 page 11
- ^ Graincorp press release re ASX official listing GrainCorp 30 March 1998
- ^ Growers Approve Graincorp and VicGrain Merger GrainCorp 28 July 2000
- ^ GrainCorp AGM Riverine Herald 26 February 2001 page 4
- ^ "Vicgrain becomes GrainCorp". Newsrail. Vol. 29, no. 6. Vic: ARHS Victoria Division. June 2001. p. 70. ISSN 0310-7477. OCLC 19676396.
- ^ How One Private Equity Firm Beat The Odds Bloomberg Businessweek 13 November 2009
- ^ GrainCorp buys GermanMalt for $77m Archived 8 November 2012 at the Wayback Machine Sydney Morning Herald 25 July 2011
- ^ ADM to Acquire GrainCorp Archer Daniels Midland 1 May 2013
- ^ ACCC to not oppose Archer Daniels Midland acquisition of Graincorp Australian Competition & Consumer Commission 27 June 2013
- ^ "GrainCorp takeover by US company Archer Daniels Midland rejected by Federal Government". ABC News. 29 November 2013. Archived from the original on 29 November 2013. Retrieved 29 November 2013.
- ^ GrainCorp: Australia blocks takeover bid from ADM Archived 10 April 2019 at the Wayback Machine BBC News 29 November 2013
- ^ GrainCorp Welcomes State Government Broadacre Train Decision GrainCorp 29 May 2009
- ^ First Refurbished 48 class locomotive enters service for GrainCorp Australian Railways Illustrated issue 2 June 2010 page 8
- ^ Watco expands Australian rail freight operations International Railway Journal 3 July 2018
- ^ GrainCorp's Chairman's Address to shareholders Archived 8 March 2023 at the Wayback Machine 11/02/2021
- ^ GrainCorp-United Malt split means $50m in costs and risks Archived 25 March 2020 at the Wayback Machine Farmonline National 25 February 2020
- ^ United Malt Group Demerger Scheme has become Effective Archived 7 July 2022 at the Wayback Machine GrainCorp 23 March 2020
- ^ Announcement of UMG being traded publicly on the ASX Archived 16 July 2021 at the Wayback Machine 1/04/2021
- ^ GrainCorp cops fine for fumigation breaches The Land 7 October 2019