Trading name Todd Corporation Industry Conglomerate Founded 1884 | Type Limited company Predecessors Todd. Bros. Limited | |
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Formerly called Heriot Fellmongery (1884-1890)
C Todd & Son (1890-1892)
Todd Bros & Co (1892-1919) (officially Incorporated in 1909)
Todd. Bros. Limited (1919-1987) Headquarters Todd Building, Wellington, New Zealand Founders Charles Todd Snr, Charles Todd Subsidiaries Todd Communications Limited, Tio (NZ) Limited | ||
The Todd Corporation Ltd is a New Zealand company owned and controlled by the Todd family and based in Wellington. Forbes magazine estimated it to be worth at least $1 billion in 2001. Sir John Todd was chairman from 1987 until he retired in 2011. He succeeded his uncle Sir Bryan Todd when Sir Bryan died.
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History
The history of Todd Corporation is understood to have begun in 1885, when Scottish immigrant Charles Todd founded & opened either a wool scoring business (according to Todd Energy) or a rural goods store in Central Otago. 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 from 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 from 1933.
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 famous 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.
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 bought the Todd family's involvement in the New Zealand automotive industry to a close.
Investments
The Todd Corporation has interests in oil and gas exploration and production, electricity generation, energy retailing, property development, healthcare, minerals, technology and wine.
Previous investments
Todd Energy
Todd Energy is a diversified energy company based in New Zealand. Todd Energy is part of the Todd Corporation. Company offices are in Wellington, New Plymouth, Perth and Calgary. Net production is approximately 25,000 BOEPD, and by 2015 Todd Energy expects to provide 35% of gas and 25% of oil production in New Zealand.
Todd Energy has interests in several producing fields in New Zealand, including Maui (6.25%), Kapuni (50%), McKee (100%), Mangahewa (100%), Maari (16%) and Pohokura (26%). Todd also has interests in 10 exploration permits, 5 of which are operated.
Todd has a 50% stake in Shell Todd Oil Services.
Retail brands include Auckland Gas.
Nova Energy
Nova Energy generates electricity and retails electricity, natural gas, LPG and solar systems in New Zealand. Generation assets include hydro, geothermal and gas fired cogeneration plants.
Subsidiary companies
Bay of Plenty Energy was a wholly owned subsidiary and changed its name to Nova Energy in 2012.
Crest Energy
Crest Energy is the developer of the Kaipara Tidal Power Station.
Developments
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, application to Environment Waikato for resource consents was declined.
Nova Energy has been granted resource consents to construct a 100MW gas fired peaking plant about 7 km south of New Plymouth.