Australian National Industries

Australian National Industries Limited
Nationalised, later Private
Fate acquired
Successor Smorgon Steel
Founded 1911
Defunct 1999
Headquarters Australia
Subsidiaries Bradken Limited

Australian National Industries Limited was an Australian heavy engineering company with diverse range of holdings.

History

Australian National Industries Limited had its origins in 1911 when John McGrath Industries Limited became one of the earliest garages in Australia selling and servicing motor vehicles. By the late 1940s, ANI had developed into a small steel forging, merchandising and engineering company. By 1985 it had become a multi-faceted corporation with operations throughout Australia and Overseas. ANI was incorporated in NSW and activities included contracting, distribution, manufacturing and service. Total sales were in excess of $1 billion in (1985) and in this year ANI achieved its 18th consecutive year of continuous profit growth. Profit after tax was $46 million in 1985 on sales of $1,095.4 million and this was a 9% increase on the previous year.

Contracting

Distribution

Manufacturing

Service

Investments

In 1985 ANI was reported to own 45% of Spedley Holdings. Spedley Holdings operated a merchant bank, Spedley Securities Limited which, in turn, owns the official short-term money market operator First Federation Discount Company Limited. and a London based foreign exchange and currency broker in the international finance market. (1985). As of the 31st of October 1984, total assists of the Spedley group amounted to $460 million, however, Spedley collapsed only a few years latter.

ANI under Kerry Packer

Kerry Packer became the dominant shareholder in ANI in April 1989 buying a 48% section of stock after the share price had crashed to $1.40 following the disastrous, secret relationship with the collapsing Spedley Corporation which cost ANI 200 million.

Kerry Packer sold a European waste management company (ABT) from Consolidated Press to ANI in1991 for 2 million, a decision that was not voted on or presented to shareholders of ANI. Packer reduced his share-holding from 48% to 30% in September 1991 and then went on to sell his remaining 30% stake in ANI only a few weeks latter the ABT sale was concluded making a 200 million profit. It was reported that ABT had signed a contract to build a 150 million facility in Madrid that was predicted to cost up to 400 million.

Bob Ellicott QC was commissioned to do an independent enquiry, however, the report was never made public.

Smorgen purchased ANI for 850 million in 1998-99

List of companies in the ANI group in 1985

Subsidiary companies

Other companies owned or operated by ANI

Sales results 1976-1985

Largest shareholder in 1985 - ANZ 7.5%

Takeover

The struggling company was taken over by Smorgon Steel Group Limited and subsequently delisted from the Australian Stock Exchange on the 17 March 1999.[4]

References

  1. ↑ "Cockatoo Island Dockyard: 1. The History". www.naa.gov.au. Archived from the original on 21 July 2008. Retrieved 2008-07-01.
  2. ↑ "Bradken: Company History" (PDF). www.bradken.com.au. Retrieved 2010-05-09.
  3. ↑ "Australian Body Builders and Body Types". www.busaustralia.com. Archived from the original on 20 July 2008. Retrieved 2008-07-01.
  4. ↑ "Australian National Industries Limited". Australian Science at Work. www.austehc.unimelb.edu.au. Archived from the original on 15 August 2008. Retrieved 2008-07-01.