Todd Corporation

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The Todd Corporation Limited [1]
Todd Corporation
Formerly
  • Heriot Fellmongery [2] (1884–1890)
  • C Todd & Son (1890–1892) [2]
  • Todd Bros & Co (1892–1919) (officially Incorporated in 1909) [2]
  • Todd Bros. Limited (1919–1987) [3]
Company typeLimited company
Industry Conglomerate
PredecessorsTodd Bros. Limited
Founded1884 in Heriot, Otago,
New Zealand
FounderCharles Todd Snr.
HeadquartersTodd Building,
Wellington
,
New Zealand
Areas served
Key people
Nick Olson (Chair of Todd Corporation); Evan Davies CEO
Total equity $4.3 billion [4]  (2019)
OwnerTodd family (~80%)
Divisions
  • Todd Energy
  • Nova Energy
  • Todd Capital
Subsidiaries
  • Integria Healthcare Limited (100%)
  • Red Hawk Mining Limited (59.5%) [5]
Website ToddCorporation.com

The Todd Corporation is a large private New Zealand company with a value of $4.3 billion, [4] owned and controlled by the Todd family and headquartered in Wellington, New Zealand. The corporation is currently led by board chair, Nick Olson, [6] and group chief executive officer, Evan Davies. [7] The corporation employs 800 individuals at 10 locations in New Zealand, Australia, and Canada [8] including seven on the executive team. The board of directors has seven members.

Contents

History

The history of Todd Corporation is understood to have begun in 1885 when Scottish immigrant Charles Todd founded and opened a fellmongery and wool scouring business (according to Todd Energy) in the small Central Otago town of Heriot. By 1929, it had evolved into a car sales and maintenance business run by his son and namesake 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 1930s 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 (USA) and Rootes. 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 terminal 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' (AMPC) and was formed in 1931. The company imported petrol from the Soviet Union in 1933 and was supported by the New Zealand Farmers' Union and various regional Automobile Associations. Because of price under-cutting by overseas oil companies, the government introduced price regulation of petrol in 1933. [9] According to Todd Energy, Europa was the first to offer electric petrol pumps in New Zealand, 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 Maui gas 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, however, in 1989 they were brought under the BP brand. [10]

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 brought the Todd family's involvement in the New Zealand automotive industry to a close.

Investments

The Todd Corporation has interests in natural gas development and production, electricity generation, property development, healthcare, minerals, and technology. [11]

Previous investments

Todd Energy

Todd Energy
Company typePrivate
IndustryOil production
Natural gas wholesaling
LPG wholesaling
Founded1929 (1929) [13]
Headquarters
Wellington
,
New Zealand
Key people
Mark Macfarlane, CEO
Number of employees
450
Divisions Todd Energy Canada Ltd (TEC) [14]
Subsidiaries Nova Energy
Website www.toddenergy.co.nz

Todd Energy is a diversified energy subsidiary based in New Zealand. Company offices are in New Plymouth, Wellington, and Calgary. Net production is approximately 25,000 barrels (4,000 cubic metres ) per day of oil equivalent, and by 2015 Todd Energy expects to provide 35% of gas and 25% of oil production in New Zealand. [15]

Todd Energy has interests in several producing fields in New Zealand, including Maui (6.25%), Kapuni (100%), McKee (100%), Mangahewa (100%), Maari (16%) [16] and Pohokura (26%). [17] Todd also has interests in 10 exploration permits, 5 of which are operated.

Todd has a 50% stake in Shell Todd Oil Services. [18] Retail brands include Auckland Gas.

History

Todd Energy traces its roots back to 1929 as the first indigenous oil company in New Zealand. The first Todd-owned commercial venture in New Zealand however was a fellmongery opened at Heriot in West Otago in 1885.  The fellmongery was soon accompanied by a wool scouring business set up to support the growing sheep farming industry in the lower South Island.

The Todd Group's first foray into the motor industry was by obtaining the Ford dealership in Otago in the very early part of the last century. This eventually led to them entering the petroleum industry, as a petroleum price war in 1929 cut off supplies to their Christchurch branch of a Todd motor dealership. [19] This was the catalyst for forming the Associated Motorists Petrol Company Limited, an indigenous petroleum marketing company. [20] [21]

Nova Energy

Nova Energy
Company typePrivate
Industry Electricity generation, including solar
Electricity retailing
Natural gas retailing
Founded2008
Headquarters
Wellington
,
New Zealand
Area served
 New Zealand
Key people
Babu Bahirathan, CEO
Products Electricity
Broadband
Mobile
Natural gas
Website www.novaenergy.co.nz

Nova Energy is a subsidiary that generates electricity and retails electricity, natural gas, broadband, and mobile in New Zealand. It supplies energy to both the residential and commercial sectors with customers ranging from private homes, schools, and hospitals to large industries. [22] It is New Zealand operated, with its customer service teams based in New Zealand. [23]

History

KCE sought to develop a 9.6 MW hydroelectric power station on the Mokau River, approximately 4.3 km downstream from the Wairere Falls dam. In 2006, the application to Environment Waikato for resource consent was declined. [24] Nova Energy has been granted resource consents to construct a 100MW gas-fired peaking plant about 7 km south of New Plymouth [25] and, in 2017, a 360MW mid-merit gas-fired power station near the Waipā River, at 869 Kawhia Rd, Ōtorohanga, [26] which was put on hold in 2021. [27] Bay of Plenty Energy was a wholly owned subsidiary that changed its name to Nova Energy, the national brand, in 2012. [28] Crest Energy is the developer of the Kaipara Tidal Power Station.

Power stations

Their power generation assets include geothermal, gas-fired cogeneration, [29] and solar plants.

NameFuelTypeLocationMaximum capacity
(MW)		Annual generation
(GWh average)		CommissionedNotes
EdgecumbeNatural gasCogeneration10
KapuniNatural gasCogenerationSouth Taranaki 2250% interest
KuratauHydroelectricWaikato630196235% interest
McKee Natural gasOpen cycle Taranaki 1022013
MokauitiHydroelectricWaikato1.9257196335% interest
PiriakaHydroelectricWaikato1.871924 (expanded 1971)35% interest
WhareroaNatural gasCogeneration Hāwera 70400199650% interest
WairereHydroelectricWaikato181925 (extended 1938 and 1981)35% interest

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References

  1. ↑ "The Todd Corporation Limited (3491)". Companies Office.
  2. 1 2 3 "History". Todd Corporation.
  3. ↑ "Company Information - The Todd Corporation". companiesoffice.govt.nz. New Zealand Companies Office. Retrieved 24 January 2017.
  4. 1 2 "How to build a multi-generational business". 12 January 2020.
  5. ↑ "Todd increases shareholding in Rutila". 20 November 2014.
  6. ↑ "Board of Directors".
  7. ↑ "Executive".
  8. ↑ "Our People".
  9. ↑ Nightingale, Tony (30 October 2012). "Todd, Charles - Biography". Dictionary of New Zealand Biography. Te Ara - the Encyclopedia of New Zealand.
  10. ↑ "History of BP NZ" (PDF). BP.
  11. ↑ "Our Businesses & Investments". Todd Corporation. Retrieved 24 January 2016.
  12. ↑ "About KCE". King Country Energy. Archived from the original on 3 July 2015.
  13. ↑ "History". Todd Energy. Retrieved 24 January 2016.
  14. ↑ "Todd Energy Canada investment". Todd Energy. 27 June 2014.
  15. ↑ "Corporate Profile". Todd Energy. May 2013.
  16. ↑ "Manaia-1 gets nod off New Zealand". Upstream Online . NHST Media Group. 19 May 2009.
  17. ↑ "Energy in New Zealand". MBIE. September 2013.
  18. ↑ "Key Facts". STOS.
  19. ↑ "Enterprise and energy". Todd Corporation. Retrieved 21 June 2021.
  20. ↑ "History | Todd Energy" . Retrieved 21 June 2021.
  21. ↑ "Inside the Todd empire". New Zealand Herald . Retrieved 21 June 2021.
  22. ↑ "todd-energy-and-nova-energy-submission-on-options-for-gas-act". mbie . Retrieved 21 June 2021.
  23. ↑ "About us". www.novaenergy.co.nz. Retrieved 1 October 2022.
  24. ↑ "Hydro station may be scrapped". New Zealand Herald . Retrieved 21 June 2021.
  25. ↑ "New Plymouth to get power station". Stuff. 11 July 2012. Retrieved 21 June 2021.
  26. ↑ "notice of the meeting" (PDF). Waikato Regional Council. Retrieved 22 June 2021.[ dead link ]
  27. ↑ "Building renewable power: Govt challenged to strike environmental balance". Newsroom. 27 October 2021. Retrieved 28 September 2023.
  28. ↑ "Bay of Plenty Energy has a new name – 'Nova Energy'". switchme. Archived from the original on 12 November 2015. Retrieved 19 August 2015.
  29. ↑ "Search Results | Ministry of Business, Innovation & Employment". www.mbie.govt.nz. Retrieved 21 June 2021.
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