Wikipedia / Fletcher Challenge
Wikipedia / Fletcher Challenge
Fletcher Challenge was a multinational corporation from New Zealand. It was formed in 1981 by the merger of Fletcher Holdings, Challenge Corporation and Tasman Pulp and Paper. It had holdings in construction, forestry, building, and energy, initially just within New Zealand and then internationally as well, and at one time was the largest company in New Zealand. In 2001 it was split into three companies, Fletcher Challenge Forests, Fletcher Building (incorporating Fletcher Construction), and Rubicon.
History
The corporation was formed in January 1981 with the mutual merger of Challenge Corporation, Fletcher Holdings and Tasman Pulp and Paper. It was initially based in Wellington's Challenge House, but later moved in 1987 to a new head office in Penrose, Auckland.
In 1987 the corporation acquired the state-owned enterprise Petrocorp, and created the Fletcher Energy division. Fletcher Energy's assets were subsequently sold to Shell New Zealand.
In November 1993 Fletcher Challenge's share market listing was split into two shares, the Ordinary Division and Forests Division. The Forests Division consisted of the corporation's wood plantation assets and forestry activities. The Ordinary Division consisted of the corporation's pulp and paper, energy and building assets.
In March 1996 the Ordinary Division was split further by creating three new shares - Fletcher Challenge Paper, Fletcher Challenge Building and Fletcher Challenge Energy. This structure lasted three years, until December 1999 when the Board of Directors of the company resolved to dismantle the Fletcher Challenge and establish separate companies.
In 2000 the Canadian pulp and paper assets were sold to Norske Skog to form NorskeCanada. In 2001 Fletcher Challenge was split into three companies, Fletcher Challenge Forests (later renamed Tenon), Fletcher Building (incorporating Fletcher Construction), and Rubicon.
A September 1996 investment in Central North Island Forest Partnership ended in receivership and is said to have contributed to the break up of Fletcher Challenge.
Battle of the Titans
The rise and fall of Fletcher Challenge and some of the principal personalities involved, including Hugh Fletcher and Sir Ronald Trotter is described in the book Battle of the Titans by Bruce Wallace.
Subsidiary companies
Subsidiaries were:
Cape Horn Methanol Ltd - bought 1991
Cemac (Hong Kong) Ltd - founded 1971 now in Fletcher Building
Challenge Deer Ltd
Challenge Livestock Ltd
Challenge Properties Ltd - joint venture
Challenge Realty Ltd - formed 1994 as franchise name
Challenge Seeds Ltd 1987-1994
Challenge Wool Ltd
Crown Paper Co Ltd
Dinwiddie Construction Co
Fletcher Challenge Methanol Ltd
Fletcher Challenge Petroleum Ltd
Fletcher Construction Australia Ltd
Fletcher Construction Co Ltd
Fletcher Construction Group Ltd
Fletcher Development & Construction Co Ltd
Fletcher Homes Ltd
Fletcher Merchants Ltd
Fletcher Pacific Construction Co Ltd
Fletcher Panel Industries Ltd
Fletcher Steel Sector
Golden Bay Cement Co Ltd
Jennings Group Ltd
Pacific Coilcoaters Ltd
Pacific Steel Ltd
Petralgas Chemicals NZ Ltd 1980-2005
Petroleum Corporation of New Zealand Ltd
Pisa-Papel de Imprensa SA
Placemakers Ltd
Rural Bank
Tasman Asia Shipping Co Ltd
Tasman Chile SA
Tasman Forestry Ltd
Tasman Lumber Co Ltd
The Rural Bank Ltd
UK Paper plc
William Guppy & Son Ltd
Winstone Aggregates Ltd
Winstone Industries Ltd
Wiremakers Ltd
Wright Schuchart Inc
Wrightson Bloodstock Ltd
Wrightson NMA Ltd
References
External links