GrainCorp

GrainCorp Limited is an Australian 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.

GrainCorp Limited
Formerly
Grain Elevators Board
Government Grain Elevator
Public
Traded asASX: GNC
IndustryAgriculture
Founded1917
FounderGovernment of New South Wales
Headquarters175 Liverpool Street, Sydney, Australia
Key people
Peter Richards (Chairman)
Robert Spurway (Managing Director and CEO)
ServicesGrain storage, handling and marketing
Revenue$4.9 billion (2019)
Websitewww.graincorp.com.au
A truck unloads grain at the GrainCorp site in Portland, Victoria
GrainCorp site on Industrial Dve, Moree, NSW

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 March 2020, the malt business was separated into its own listed entity, United Malt Group.[12][13]

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.[14][15] In Queensland, services are contracted out to Watco Australia.[16]

Controversies

In 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.[17]

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gollark: In CC, he calls everything `tRandomTable` and it is VERY IRRITATING.
gollark: Some days I'm tempted to rewrite half of potatOS to remove his evil formatting.
gollark: It would probably maybe work out.
gollark: Go back in time, stop dan200 from writing bad code, but also send SquidDev a copy of CC: Tweaked.

References
  1. NSW GrainCorp goes up for sale Canberra Times 12 February 1991 page 11
  2. Graincorp press release re ASX official listing GrainCorp 30 March 1998
  3. Growers Approve Graincorp and VicGrain Merger GrainCorp 28 July 2000
  4. GrainCorp AGM Riverine Herald 26 February 2001 page 4
  5. Vicgrain becomes GrainCorp Newsrail June 2001 page 70
  6. How One Private Equity Firm Beat The Odds Bloomberg Businessweek 13 November 2009
  7. GrainCorp buys GermanMalt for $77m Sydney Morning Herald 25 July 2011
  8. ADM to Acquire GrainCorp Archer Daniels Midland 1 May 2013
  9. ACCC to not oppose Archer Daniels Midland acquisition of Graincorp Australian Competition & Consumer Commission 27 June 2013
  10. "GrainCorp takeover by US company Archer Daniels Midland rejected by Federal Government". ABC News. 29 November 2013. Retrieved 29 November 2013.
  11. GrainCorp: Australia blocks takeover bid from ADM BBC News 29 November 2013
  12. GrainCorp-United Malt split means $50m in costs and risks Farmonline National 25 February 2020
  13. United Malt Group Demerger Scheme has become Effective GrainCorp 23 March 2020
  14. GrainCorp Welcomes State Government Broadcare Train Decision GrainCorp 29 May 2009
  15. First Refurbished 48 class locomotive enters service for GrainCorp Australian Railways Illustrated issue 2 June 2010 page 8
  16. Watco expands Australian rail freight operations International Railway Journal 3 July 2018
  17. GrainCorp cops fine for fumigation breaches The Land 7 October 2019
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