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DCC plc

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DCC plc
Company typePublic limited company
LSE: DCC
FoundedApril 9, 1976; 48 years ago (1976-04-09) in Dublin, Ireland
HeadquartersDublin, Ireland
Key people
John Maloney (Chairman)
Tommy Breen (CEO)
Revenue£10,606.1 million (2015)[1]
£197.7 million (2015)[1]
£144.4 million (2015)[1]
Number of employees
9,756 (2015)[1]
Websitewww.dcc.ie

DCC plc is an Irish diversified investments group and holding company. DCC is organised and managed in four separate divisions (DCC Energy, DCC Technology (formerly DCC SerCom), DCC Healthcare and DCC Environmental), each focused on specific market sectors. Its shares are listed on the London Stock Exchange and it is a constituent of the FTSE 100 Index.

History

The company was founded by Jim Flavin in 1976 as Development Capital Corporation Limited.[2] Originally the company focused on providing venture capital to start ups, however in the mid-1980s it changed direction and became an industrial holding company, changing its name to DCC and floating on the Irish Stock Exchange and London Stock Exchange in 1994.[3]

The company was embroiled in a controversy over the issue of insider trading in Fyffes plc, the Irish fruit importing company in which a subsidiary of DCC, Lotus Green, held a stake which was sold in the year 2000. In 2002 Fyffes sued DCC over the sale of its stake in the company. The case was tried in the Irish High Court from December 2004 until July 2005, and on 21 December 2005 judgement was handed down. DCC was cleared of insider trading, although it was found to have been acting as a "single entity" with Lotus Green and Jim Flavin with regards to the sale of the shares. Fyffes appealed to the Supreme Court of Ireland and, in a judgement[4] on 27 July 2007, the Supreme Court overturned the High Court's verdict and ruled that the documents that had been in Flavin's possession when DCC sold the shares had indeed been price sensitive. In April 2008, Fyffes settled its case against DCC for an amount of €37.6 million.[5] As a result of this case, DCC and Flavin came under the examination of the Irish Director of Corporate Enforcement.[6] In January 2010, The report of the High Court Inspector into the affairs of DCC plc was published. The Director of Corporate Enforcement concluded that no further action was warranted by his Office.[7]

In 2011, DCC bought Maxol's Home Heating company, Maxol Direct, which it re-branded as Emo.[8] In 2012, DCC spent around €100 million acquiring LPG (Liquefied Petroleum Gas) distribution businesses in the Netherlands, Britain, Sweden and Norway.[9]

In August 2014, DCC announced that it reached an agreement with ExxonMobil to acquire the Esso Express petrol station network and the Esso Motorway concessions in France [10]

The company joined the FTSE 100 share index of the 100 companies listed on the London Stock Exchange with the highest market capitalisation in December 2015.[11]

Divisions

These are:[12]

  • DCC Energy, a supplier of oil and liquefied petroleum gas.
  • DCC Technology, a distributor of IT, communications and home entertainment products in Europe and a provider of outsourced procurement and supply chain management services.
  • DCC Healthcare, a supplier of hospital supplies & services and health & beauty solutions.
  • DCC Environmental, a provider of recycling, waste management and resource recovery services.

See also

References

  1. ^ a b c d "DCC Annual Report and Accounts 2015" (PDF). DCC plc. Retrieved 20 March 2016.
  2. ^ DCC plc: DCC plc history
  3. ^ Inspector's Report into the affairs of DCC, Chapter 5
  4. ^ Judgement
  5. ^ Fyffes gets €37.6m in DCC settlement RTE, 2009
  6. ^ Companies Watchdog Examines Flavin Judgment Irish Times
  7. ^ Inspector's Report into the affairs of DCC
  8. ^ DCC Acquires Maxol Direct Northern Ireland Rural Energy News, 8 October 2011
  9. ^ DCC set to buy firm in Netherlands
  10. ^ "DCC agrees to acquire French unmanned network". investis.com. Retrieved 26 March 2015.
  11. ^ Davies, Rob (2 December 2015). "Morrisons, G4S and Foxtons lose out in FTSE reshuffle". The Guardian. Retrieved 14 November 2016.
  12. ^ "Our Businesses". dcc.ie. Retrieved 26 March 2015.
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