GrainCorp
| public | |
| Traded as | ASX: GNC |
| Industry | Agriculture |
| Founded | As Grain Elevators Board - 1917 |
| Headquarters |
175 Liverpool Street Sydney, Australia |
Key people |
Don Taylor, Chairman Mark Palmquist, Managing Director (CEO) |
| Services | Grain handling and marketing |
| Website | http://www.graincorp.com.au |
GrainCorp Limited is a public company listed on the Australian Securities Exchange (ASX) in Australia. The company's core business is the receival and storage of grain and related commodities. It also provides logistics and markets these commodities. As of 2015, the company's chief executive is Mark Palmquist and its chairman, Don Taylor.[1]
The company was founded as a New South Wales 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 ASX in 1998.
GrainCorp's operations have subsequently extended into other Australian states by amalgamations with other grain handling operations. The company operates an extensive network of rail-linked storages across south-east Australia, as well as seven strategically located export terminals in Brisbane, Gladstone, Mackay, Newcastle, Port Kembla, Geelong and Portland, Victoria.
In November 2009 Graincorp expanded into North America through the purchase of the United Malt Holdings group of companies.[2] In July 2011, Graincorp agreed to buy maltster GermanMalt GmbH & Co for $77 million, extending its reach into Europe.[3] As of 2012, the company was receiving acquisition bids from Archer Daniels Midland.[1]
In April 2013, the Archer Daniels Midland bid was considered by the GrainCorp Board.[4][5] The bid was disallowed by Federal Treasurer Joe Hockey on the 29th of November, 2013, citing that it "would not be in our national interest".[6]
Graincorp operates a fleet of 18 48 Class locomotives in Eastern Australia.
References
- 1 2 Caroline Henshaw; Ian Berry (20 December 2012), "ADM, Graincorp CEOs Square Off", The Wall Street Journal (print), p. B2 Cite uses deprecated parameter
|coauthors=(help) - ↑ United Malt Holdings: How One Private Equity Firm Beat The Odds. Business Week, Nov 13, 2009
- ↑ "GrainCorp buys GermanMalt for $77m". Fairfax Media. 25 July 2011. Retrieved 19 September 2012.
- ↑ Brad Thompson The West Business page 3 27–28 April GrainCorp finally falls to US-based multinational
- ↑ http://www.theaustralian.com.au/business/companies/accc-to-probe-34bn-foreign-graincorp-sale/story-fn91v9q3-1226630331754 or paper version - p.21 ACCC to probe $3.4 bn foreign GrainCorp Sale
- ↑ "GrainCorp takeover by US company Archer Daniels Midland rejected by Federal Government". ABC News. 29 November 2013. Retrieved 29 November 2013.