Australian National Industries
Australian National Industries was an Australian heavy engineering company with diverse range of holdings.
| Public | |
| Fate | Acquired by |
| Successor | Smorgon Steel |
| Founded | 1911 |
| Founder | John McGrath |
| Defunct | 1999 |
| Headquarters | , Australia |
| Revenue | $2.05 billion (1997/98) |
| $73 million (1997/98) | |
Number of employees | 7,000 |
| Website | www.ani.com.au |
History
In 1911 John McGrath began to sell motor vehicles. It operated the first public garage in New South Wales. The company held motor vehicle franchises for many makes of cars. In 1929, it diversified into importing steel and engineering equipment. In the mid-1930s production of drop forgings commenced with motor dealerships opening in other states.[1]
In the early 1940s, the largest forging plant in Australia was opened in Lidcombe, producing forgings for the aircraft and munitions industry. Activities expanded and diversified to include general engineering. In February 1951 John McGrath Industries Limited was listed on the Sydney Stock Exchange. It was renamed Australian National Industries in 1956.[1]
Having acquired a 20% shareholding in ANI, Kerry Packer's Australian Consolidated Press (ACP) launched a takeover offer in April 1989.[2] ACP gained control with a 48% shareholding in June 1989.[3]
In 1991, ACP sold its struggling European waste management company ABT to ANI for $2 million, a decision which was not disclosed to ANI shareholders. Two weeks later, Packer, who had already reduced his shareholding in ANI from 48% to 30%, sold his remaining stake, making a $200 million profit. ABT had signed a contract to build a $150 million waste treatment facility in Madrid which some observers thought was more likely to cost about $400 million. In 2006, it was estimated that the final losses from ANI's venture into European waste management approached $1 billion.
In 1997, Bob Ellicott QC conducted an independent enquiry into the circumstances surrounding the sale of ABT to ANI, but his report was never made public by the corporate regulator, the Australian Securities & Investments Commission, because the ANI board claimed it was defamatory.[4][5][6]
In October 1998, Evans Deakin Industries, that held a 5% shareholding in ANI, announced its intention to launch a takeover offer.[7] In December 1998, Smorgon Steel launched a counter takeover offer that was successful, with ANI delisted from the Australian Securities Exchange on 17 March 1999.[8][9][10]
Subsidiary companies
- Bradken[11]
- Coates Hire[12]
- Cockatoo Docks & Engineering Company[13]
- Comeng[14]
- Comsteel[15]
- Queensland Bus Builders[16]
- Union Carriage & Wagon[17]
References
- History Australian National Industries
- Packer in surprise bid for ANI Canberra Times 22 April 1989 page 17
- Packer snatches control of ANI Canberra Times 9 June 1989 page 15
- ANI hold on ABT report Australian Financial Review 29 April 1997
- Mayne, Stephen (28 February 2006). "Time for ASIC to release the ANI files". Crikey. Retrieved 21 February 2016.
- Mayne, Stephen (1 March 2006). "Kerry Packer and ANI: time for the truth". Crikey. Retrieved 21 February 2016.
- Takeover Offer by Evans Deakin Industries Limited for Australian National Industries Limited Evans Deakin Industries 6 October 1999
- Smorgon Steel Offer $1.10 All Cash Alternative for ANI Smorgon Steel 17 December 1998
- Smorgon Steel now Set to Acquire 100% of ANI Smorgon Steel 29 January 1999
- Australian National Industries Limited Suspension from Official Quotation Australian Securities Exchange 10 March 1999
- History Bradken
- Our History Coates Hire
- ANI expecting $16m in damages Canberra Times 27 October 1995 page 15
- ANI winds down Comeng and raises UK investment Australian Financial Review 21 March 1988
- Engineering giants sell joint venture Canberra Times 24 December 1985 page 11
- Deliveries Fleetline issue 172 November 1989 page 178
- Dunn, John (2013). Comeng: A History of Commonwealth Engineering Volume 5 1985-2012. Dural: Rosenberg Publishing. ISBN 9781922013521.