Fletcher Challenge was a
multinational corporation
A multinational corporation (MNC; also called a multinational enterprise (MNE), transnational enterprise (TNE), transnational corporation (TNC), international corporation, or stateless corporation, is a corporate organization that owns and cont ...
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
The Fletcher Construction Company Limited is a New Zealand construction company and a subsidiary of Fletcher Building. Together with Higgins Contractors Ltd and Brian Perry Civil it makes up the Construction division of Fletcher Building. Fletc ...
), and
Rubicon
The Rubicon (; ; ) is a shallow river in northeastern Italy, just south of Cesena and north of Rimini. It was known as ''Fiumicino'' until 1933, when it was identified with the ancient river Rubicon, crossed by Julius Caesar in 49 BC.
The ri ...
.
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
A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goo ...
Petrocorp, and created the Fletcher Energy division. Fletcher Energy's assets were subsequently sold to
Shell
Shell may refer to:
Architecture and design
* Shell (structure), a thin structure
** Concrete shell, a thin shell of concrete, usually with no interior columns or exterior buttresses
Science Biology
* Seashell, a hard outer layer of a marine ani ...
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
The Fletcher Construction Company Limited is a New Zealand construction company and a subsidiary of Fletcher Building. Together with Higgins Contractors Ltd and Brian Perry Civil it makes up the Construction division of Fletcher Building. Fletc ...
), and
Rubicon
The Rubicon (; ; ) is a shallow river in northeastern Italy, just south of Cesena and north of Rimini. It was known as ''Fiumicino'' until 1933, when it was identified with the ancient river Rubicon, crossed by Julius Caesar in 49 BC.
The ri ...
.
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:
*
Australian Newsprint Mills
*
Blandin Paper Co
* 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
*
Firth Industries Ltd
*
Fletcher Challenge Canada Ltd
* Fletcher Challenge Methanol Ltd
* Fletcher Challenge Petroleum Ltd
* Fletcher Construction Australia Ltd
*
Fletcher Construction
The Fletcher Construction Company Limited is a New Zealand construction company and a subsidiary of Fletcher Building. Together with Higgins Contractors Ltd and Brian Perry Civil it makes up the Construction division of Fletcher Building. Fletc ...
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
*
Tasman Pulp & Paper
* The Rural Bank Ltd
* UK Paper plc
* William Guppy & Son Ltd
* Winstone Aggregates Ltd
* Winstone Industries Ltd
* Wiremakers Ltd
* Wright Schuchart Inc
*
Wrightson
* Wrightson Bloodstock Ltd
* Wrightson NMA Ltd
References
External links
The Fletcher Trust ArchivesFletcher ConstructionTenonRubicon
{{Authority control
Defunct companies of New Zealand