Todd Corporation Ltd

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'Todd Corporation is a New Zealand company owned and controlled by the Todd family and based in Wellington. The corporation is controlled by John D. Todd its chairman who according to Forbes Magazine is New Zealand's first billionaire[1]. John D. Todd succeeded Sir Bryan Todd in 1987 when Sir Bryan died.

Contents

[edit] History

The history of Todd Corporation is understood to have begun in 1885, when Scottish immigrant Charles Todd founded opened either a wool scoring business (according to Todd Energy) or a rural goods store in Central Otago. By 1929, it had evolved into a car sales and maintenance business run by his son Charles Todd after the company began importing motor vehicles.

This automotive business would define the Todd family business until well into the 1980s. Charles Todd was credited with bringing the first motor car into Otago and in 1908 acquired a Ford dealership in Dunedin then in 1928 acquired the Rootes Group franchise for Hillman, Humber and Commer and obtained an Auckland Branch.

During the protectionist years of the 1930's the Todd family formed Todd Motor Industries Limited and in 1934 built an automotive assembly plant in Petone to reassemble vehicles imported as parts from Chrysler and Rootes in the US. According to the Todd Energy website by 1964, Todd Motors was assembling and selling over 10,000 cars per year. In 1970 the company purchased the New Zealand Mitsubishi franchise. This franchise and assembly plants were sold to Mitsubishi Motors in 1987

The Todd family also founded Europa an oil importing and retail business that owned termial services at four major ports and a chain of petrol stations across New Zealand. According to the Todd Energy website this business was founded during disruptions in the petrol industry in 1929. Europa was originally named 'Associated Motorists Petrol Company Limited' and was formed in 1931. The automobile clubs of the period were said to have supported the move.

According to Todd Energy Europa was the first to offer electric petrol pumps in New Zealand and the first to use articulated road tankers for fuel distribution and the first chain to operate service station convenience stores.

The Todd family also developed interests in the prospecting for, extraction of and refining of petroleum products. In 1954 they acquired prospecting licenses around New Zealand and developed joint venture agreements with Shell Oil New Zealand Limited and BP New Zealand. The discovery of the Kapuni gas and condensate field in 1959 meant that the Todd family together with Shell and BP became major players in the New Zealand petroleum production business.

Later discoveries in the famous Maui field meant the Todd family was intimately involved in supplying a majority of New Zealand's LPG and CNG natural gas for energy generation as well as fuel for the transport industry. Together with Shell, BP and the Government-owned Petrocorp began production in 1980.

In 1972 BP New Zealand took a 60 percent interest in Europa, purchasing the company’s marketing and refining interests including the Europa petrol stations. The two retail brands continued to operate independently [2] however in 1989 they were brought under the BP brand.

Todd continued its involvement in the exploration and production businesses.

When sold to Mitsubishi in 1987, Todd Motors was assembling a wide range of cars, and light and heavy commercial vehicles. During the 1980s the Company held the number two market share position in the New Zealand automobile industry. The sale bought the Todd family's involvement in the New Zealand automotive industry to a close.

[edit] Investments

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Todd Corporations are currently maintained under two distinct branches. Todd Energy continues the Todd family's involvement in the energy industry. Todd Capital, formed after the sale of the automotive industry, focuses on media and communications business but has some other significant investments.

According to the Todd Capital website the capital side of the business owns the following investments[3].

  • An interest in Sky Network Television ("Sky") a pay television operator - This shareholding is a result of its purchase of an ownership interest in Sky Television in 1990 soon after its founding and its subsequent sale, followed by the company's purchase of shares in Independent News Limited and its subsequent purchase of an interest in and then its purchase of Sky Television.

[edit] Previous Investments

  • A 35.0% shareholding in Metlifecare Limited, Todd Capital sold its entire shareholding in November 2005.
  • A 14.2% shareholding in Independent Newspapers Limited (INL)
  • A 25.0% shareholding in Clear Communications
  • A 20.0% shareholding in AAPT Limited,
  • A 21.0% shareholding in UtiliCorp NZ Inc

[edit] Sources

  • Todd Energy Website[5]
  • Todd Capital Website[6]
  • BP New Zealand History