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Toll Group

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TOLL Holdings Limited
Company typePublic (ASX: TOL
IndustryTransportation
FoundedAs a business - 1888
As a public company - 1993
As Toll Holdings - 1986
HeadquartersMelbourne, Victoria, Australia
Key people
Brian Kruger, CEO
Ray Horsburgh, Chairman
Products
Toll Global Forwarding
Toll Dnata
PDL Toll
in2store
Toll North
Toll Regional
QRX Transport
NQX Freight Systems
Toll Express
Toll Priority
Travcour
DX Mail
Toll IPEC
Toll Fast
Toll Personnel
Toll Transitions
Toll NZ
Toll Asia
RevenueA$6.9 billion (7 percent (FY 2010)
Number of employees
35,000+ (2010)
ParentJapan Post Holdings Edit this on Wikidata
Websitehttp://www.tollgroup.com
Toll Wagga Wagga Depot

TOLL (ASX: TOL, Nasdaq: THKUF), properly TOLL Holdings Limited, is Australia's largest transport company, based in Melbourne, Victoria. The company has operations in road, rail, sea and air in 55 countries.

For the fiscal year ending June 2010, Toll reported net income of A$292.9 million on A$6.9 billion of sales revenue.[1] It has many enterprise bargaining agreements with the Transport Workers Union, covering its road transport and warehouse distribution operations.

History

The Toll business was founded in 1888 by Albert Toll in Newcastle hauling coal with horse and cart. It became part of the Peko Wallsend Group in the 1960s when it transported goods associated with diversified mining and manufacturing activities.

In 1986 Toll was sold to a management buyout team led by current Managing Director Paul Little and Toll's first Chairman Peter Rowsthorn, and in 1993 Toll listed on the ASX.[2]

Timeline

  • 1888 The company was founded in Newcastle, Australia.
  • 1960 After the death of its founder, Albert Toll, the company was sold to National Minerals Limited.
  • 1985 The company became Toll Transport
  • 1986 A management buyout team led by Paul Little and Peter Rowsthorn takes control of the company.
  • 1993 Listed as a public company on the Australian Stock Exchange
  • 1995 Various acquisitions of Australian transport companies, including parts of Brambles Transport, JN Transport
  • 1997 Acquired TNT Logistics (TNT).
  • 1998 Purchases Interstate Parcel Express Company.
  • 1999 Sales growing by 52%, attaining major contracts with the distributors of Coca Cola
  • 2001 Acquired Finemore Holdings
  • 2001 Acquired Autotrans Car Transport based in Western Australia
  • 2001 Acquired Wesfarmers Transport based in Western Australia
  • 2002 Partnership with Patrick Corporation for Pacific National rail
  • 2003 Acquired New Zealand rail and trucking group Tranz Rail (now Toll NZ), and Tasmanian rail operator TasRail as part of Pacific National.
  • 2005 Acquired New Zealand trucking company JD Lyons.
  • 2006 Acquired Singaporean logistics company SembCorp Logistics (SembLog) [3]
  • 2006 Acquired Patrick Corporation after a long and acrimonious takeover battle.
  • 2007 Announced proposed acquisition of Hong Kong based freight forwarder BALtrans Holdings as part of the company's continued expansion into Asia.[4]
  • 2008 Acquired United Carriers based in New Zealand
  • 2008 Acquired Gluck based in Melbourne
  • 2008 Acquired Extra Transport based in Melbourne
  • 2008 Announces contract to manage Kenya-Uganda Railway[5]
  • 2009 Acquired BIC Logistics India[6]
  • 2009 Acquired ST-Anda Logistics headquartered in Shanghai[7]
  • 2009 Acquired Perkins Shipping based in Darwin[8]
  • 2009 Acquired the Asian operations of Deltec, Kwikmail and Skynet [9]
  • 2009 Acquired Express Logistics Group based in New Zealand[10]
  • 2010 Acquired Summit Logistics International based in New Jersey [11]
  • 2010 Acquired DPEX Group from Qantas[12]
  • 2010 Acquired WT Sea Air Group based in the United Kingdom[13]
  • 2010 Acquired Genesis Forwarding Group based in the United Kingdom[14]

Feud with Patrick Corporation

Toll Shipping's Tasmanian Achiever roll-on roll-off vessel
Main article: Patrick Corporation

From late 2005 until May 2006, Toll was embroiled in controversy over its attempt to take over Patrick Corporation. In particular, board meetings for the combined Pacific National rail project were used as slanging matches by Patrick and Toll directors.[15]

The process included several court cases brought by each side.

On 19 January 2006, the ACCC ruled that Toll cannot take Patrick over.[16]

On 13 March 2006, the ACCC announced that it accepted Toll's proposed court-enforceable undertakings and would no longer object to the takeover. However the share markets appeared to require that a higher price would need to be offered.[17]

On 14 April 2006, Toll announced that it would offer 0.4 Toll shares plus A$3.00 for each Patrick Corporation share. The Patrick board unanimously accepted the revised offer. All ongoing legal proceedings between the two companies were to be dropped and Patrick would no longer acquire FCL Interstate Transport.[18] By purchasing Patrick, Toll will be the fourth largest transport company in the world and have annual revenues of over 8 billion [19]

The takeover was finally successful in May 2006. Toll gained control of Patrick on 11 May 2006[20] and announced intent to compulsorily acquire the remaining shares in Patrick.[21]

2007 Restructure and demerger

As part of the agreement with the Australian Competition and Consumer Commission over the acquisition of Patrick, Toll was required to dispose of several assets. It sold Patrick's Bass Strait Shipping and Tasmanian Freight Forwarding businesses to the Chas Kelly Transport Group.[22] It was originally required to also sell half of Pacific National, however, in 2007 Toll proposed a "variation" to separate Toll into separate logistics and infrastructure companies. Toll sought and received permission to retain complete ownership of Pacific National in the new Infrastructure Company provided that there was a complete separation of the boards and management of the two companies and all contracts between them were on an arm's length basis.[23] The Infrastructure Company is today known as Asciano Limited.

See also

References

  1. ^ http://www.tollgroup.com/media/2010/863358.pdf
  2. ^ http://www.toll.com.au/about.html#history
  3. ^ "Toll's Asian growth platform successfully secured" (PDF) (Press release). Toll Holdings. 3 May 2006. Retrieved 4 June 2006.
  4. ^ "Toll bids for Hong Kong Freight Group". The Age.
  5. ^ Speedy, Blair (10 October 2008). "Toll to manage Kenya-Uganda railway". The Australian. Retrieved 11 October 2008.
  6. ^ http://www.toll.com.au/media/2009/693%20BIC.pdf
  7. ^ http://www.toll.com.au/media/2009/720889.pdf
  8. ^ http://www.toll.com.au/media/2009/731936.pdf
  9. ^ http://www.toll.com.au/media/2009/734680.pdf
  10. ^ http://www.asx.com.au/asxpdf/20091023/pdf/31ljn8dx76bv7p.pdf
  11. ^ http://www.summitgl.com/news/Toll%20-%20Summit%20Media%20Release.pdf
  12. ^ http://www.tollgroup.com/media/2010/854232.pdf
  13. ^ http://www.tollgroup.com/media/2010/863358.pdf
  14. ^ http://www.tollgroup.com/media/2010/863358.pdf
  15. ^ Philip Hopkins (24 October 2005). "PN board meeting runs off the rails". The Age. Melbourne: John Fairfax Holdings. Retrieved 4 June 2006.
  16. ^ "Australian watchdog blocks toll bid for Patrick". stuff.co.nz. Fairfax New Zealand. 19 January 2006. Retrieved 24 June 2006. [dead link]
  17. ^ "Australia's Patrick shares jump, Toll to revise bid". reuters.com. 12 March 2006. Retrieved 8 August 2008.
  18. ^ http://www.patrick.com.au/IRM/Company/ShowPage.aspx?CPID=747&PageName=Patrick%20and%20Toll%20Agree%20Terms
  19. ^ "Toll triumphs". The Age. Melbourne. 15 April 2006.
  20. ^ "Toll takes control of Patrick and declares Offer unconditional" (PDF) (Press release). Toll Holdings. 11 May 2006. Retrieved 4 June 2006.
  21. ^ "Toll Gains More Than 90% of Patrick & Will Proceed With Compulsory Acquisition" (PDF) (Press release). Toll Holdings. 24 May 2006. Retrieved 4 June 2006.
  22. ^ "ACCC allows Toll to divest Tasmanian Shipping and Forwarding businesses to Chas Kelly Group" (Press release). Australian Competition and Consumer Commission. 8 March 2007. Retrieved 5 April 2007.
  23. ^ Philip Hopkins (5 April 2007). "Toll set to hold Pacific National". Business. Melbourne: The Age. Retrieved 5 April 2007.

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