When an insider holds a sizeable amount of a company's stock,. The pair see books and reading as a way to get people out of the poverty trap. The general public, mostly retail investors, hold a substantial 51% stake in Mainfreight, suggesting it is a fairly popular stock. Located in a very diverse region rich in assets, not only geographically (relief, climate), but also economic and human, the Lyon-Grenoble Auvergne-Rhne-Alpes is the latest INRAE centre to be created. Get started by entering your email address below. Braid says the company offers staff training in every country it operates in. In 2001, Mainfreights management decided that technology needed a global role, and Drinkwater became CIO. Weve probably trebled in size since then, yet were still using the same footprint. You can find historic revenue and earnings in this detailed graph. Bruce Plested, founder of Mainfreight, said his business partner of 36 years was "the humourist and salesman without peer". Plested is also a great reader; some of those ideas come from books. In 2006 the New Zealand Mainfreight International and Owens International businesses were also merged to make Mainfreight Owens International Ltd (now Mainfreight International). To help pay the bills on time, Plested gave the charity a $500,000 interest-free loan in 2020. Doesnt matter what your position is. Mainfreight has a policy of developing people and promoting them internally. In 2008, the United States locations were re-branded as Mainfreight USA. Its the right horses for courseswhere we have things very specific to the way we operate, then we will build it, as per our culture, in the way we do it.. Despite a steady recovery in 2021, the magazine was hit by a recent decline in volumes and rising costs. You may withdraw your consent at any time. Whilst describing the foundation of Mainfreight in 2000, Plested said to the New Zealand Herald, "We moved all our freight by sea between Auckland, and Christchurch and Dunedin, and we worked weekend shifts to make sure we loaded and unloaded the ship using the whole of the seven days - we found that was faster and more reliable than our big competitors."[4]. Plans to develop Waiheke Island's first marina are opposed by Mori as well as rich-lister Bruce Plested, chairman and founder of Mainfreight with a $6.8 billion market capitalisation. Its the end of the road at Mainfreight for CIO Kevin Drinkwater, who officially retires on 31 December 2020. enter your email and well send you details, Mainfreight's Bruce Plested's love of books has benefited charity. Average Retirement Savings By Age: Are You Normal? Liked by Brad Greer. Likewise, his strongly-held beliefs relating to the importance of education and of recycling/ sustainability . The gift cost more than $4 million of his own money. A licence from New Zealand Railways Corporation was needed to carry freight over 150km. Mainfreight is a pretty big company. All berths beside the wharf, closest to the land, are pre-sold. Reporting directly to the CEOfirst to founder Bruce Plested, and then to Don. Our information suggests that insiders maintain a significant holding in Mainfreight Limited. Mainfreight employees are empowered to make decisions. . Mainfreight Limited was founded in 1978 by chairman Bruce Plested. The port company is well advanced with its new 350m long wharf, having installed 380 of the 400 piles, constructed 35 per cent of the deck and completed more than half of the dredging. He was sent to the Bluff aluminium smelter and Manapouri underground power projects, helped drive a 500m channel through a Samoan coral reef, and helped build 48 bridges in Fiji. Clearly the two are well matched. There were 76 gainers and 67 decliners over the whole market, with 50.85 million shares worth $278.23m changing hands. We wont charge for 10 days. Copyright 2023 IDG Communications, Inc. It's no use just giving people more money.. Its usually considered a good sign when insiders own a significant number of shares in the company, and in this case, we're glad to see a company insider play the role of a key stakeholder. While peoples salaries reflect their positions of responsibility, the idea is that at a branch level they can only win by playing as a team. "I went crook at Alan. The company was co-founded by current Chairman Bruce Plested in 1978.. Plested decided to start up his own freight business after he was fired over "allegedly swinging a . He has worked with author Alan Duff to put books in the homes of poorer children. The other thing is to have our own ideas. Drinkwater says the team are prescriptive about the software they deploy, and they often opt for bespoke solutions that are specific to Mainfreights business. Check out our latest analysis for Mainfreight. Bruce George Plested founded Mainfreight Ltd. Property market metrics show the national average asking price is now almost $100,000 down on a year ago. The government must focus on supporting exporters to innovate. In addition, we use tracking cookies, which can collect information about you and follow your internet activity within our website, and possibly outside our website as well. Mainfreight started building its offshore business with move into the Australian market in 1989, driven by vision to provide logistics/technology-based bridge that would allow customers . "It's no use just giving people more money." Plested's early home life was a book-filled one, and his mother would always read to her two sons. He has also lent his considerable support to not-for-profit organisations such as the Starship Foundation. transactions overall, the S&P/NZX 50 Index drifted, closing on its low for the day at 12,518.01, down 48.49 points or 0.39 per cent. It's the answer to poverty, says Mainfreight co-founder Bruce Plested. payment) for sitting on the Board since 2014. In March 2011, Mainfreight entered the European market with the acquisition of Netherlands-based company Wim Bosman Group for 120 million; or $227 million. Profile. The wharf is expected to cost between $173m-$190m. And Drinkwater says that COVID-19 has changed the nature of work irrevocably by showing that working from homeor from anywhereis achievable at scale. In November 2014, Mainfreight acquired a regional air and sea freight company located in Dunedin. "It's disappointing because it's my last one," Mair says of the Waiheke project. A "living wage" is paid, Plested has contributed to the Maori Party, and Mainfreight also sponsors a school in Otara. He is a long-term bull on the stock and I have no issue whatsoever with his move.". Of initial expressions of interest in berths, 68 per cent have indicated they are Waiheke ratepayers, Mair says. But Plested also devours books that look askance at the global economic system. Waiheke Island marina re-hearing denied, Kennedy Point project to proceed - NZ Herald, Kennedy Point marina construction starting, berths sold from $180k each - NZ Herald, Opponents lose Appeal Court attempt against Waiheke's first commercial marina - NZ Herald. In 1979, he was asked to build a new marina at Westharbour (now called Hobsonville Marina). 1. Thats at least 10% of the branchs profit, and we paid worldwide $28 million in profit bonuses last year, Drinkwater says. ", Selwyn says Plested has personal qualities that make this management style work. It is very interesting to see that insiders have a meaningful NZ$1.4b stake in this NZ$6.8b business. It's a tough venue to weave into . Other Current Directorships: Member of the CFO Advisory Board, Auckland University Business School, Member of the Board of Trustees of Dress for Success Incorporated, and private family companies. They can and probably do influence decisions on executive compensation, dividend policies and proposed business acquisitions. This suggests some credibility amongst professional investors. Appointment to Board 1978 - With Mainfreight since 1978. SUPPLIED Bruce Plested - founder of Mainfreight - has fired a salvo about social issues facing New Zealand ahead of national elections. He built a billion-dollar logistics business, starting with a single Bedford truck in the 1970s. Having started his own freight business in 1978 when he set out with $7200 and an old Bedford truck, 78-year-old Plested now chairs a global juggernaut that goes from strength to strength. 14 July, 2017. "I just give SKP money so it's more of an even fight. click here to see if those insiders have been buying or selling. Mainfreight CEO and Executives. report on analyst forecasts for the company. As for Mainfreight, he wants to build a 100-year company, and so there's no short-term decisions.. Facilities for the wider boating community were, he said, a big plus on Waiheke. We can see that Mainfreight does have institutional investors; and they hold a good portion of the company's stock. Everyone can see the bottom line and everyone understands what it means for the company and for themselves. After the 1987 sharemarket crash and the firm's end, Mair founded a construction company and built the wharf in the Chatham Islands, and got the contract to repair thousands of metres of wharves in Auckland and Onehunga, including at the naval base. Something else binds employees to their branch: Mainfreight pays a bonus on a branch by branch basis where 10 per cent of net profit goes to employees. The broad rally seen over the previous three trading days also petered out. If youre in the kitchen or the branch manager, you get the same amount of dollars based on your branchs performance, Drinkwater says. Founded 2,000 years ago, Lyon's streets are a living museum, with beautiful historical buildings and interesting art galleries and museums. Plested's. Lyon is France's third-largest city and a major tourist destination. He imagines he follows the rules but still gets "hauled off to a concentration camp". Plested and Braid are based at unfashionable Otahuhu in South Auckland. FedEx remains UPS's biggest competitor. Currently, he is Executive Chairman at this company and Chairman of Mainfreight GmbH (a subsidiary of Mainfreight Ltd.). It has a market capitalization of NZ$6.8b. He imagines he follows the rules but still gets "hauled off to a concentration camp". If you do not want us and our partners to use cookies and personal data for these additional purposes, click 'Reject all'. Mainfreight International was Mainfreight's first international sea and airfreight business and was started in 1984 by Bruce Plested's brother Gerald. It was founded by Bruce Plested in 1978 and headquartered in Auckland, New Zealand with 5,771 employees and over 240 branches across Australia, China, Europe, New Zealand and the United. He is most proud of his professional qualifications. Ultimately the future is most important. Precinct Properties reported a full-year revaluation gain of $284m including the $148.5m increase recognised at the end of December. Now, SKP is going to the Supreme Court to get the High Court ruling overturned and allow it to go back to the Environment Court. Bruce is also someone I admire. This can be incompatible with technology, which is constantly changing. It also has investments in Z Energy and a portfolio run by Fisher Funds. It's the answer to poverty," says Mainfreight co-founder Bruce Plested. From there, providing you have passion, the Mainfreight . Ryman Healthcare increased 28c or 2.17 per cent to $13.18; Turners Automotive picked up 14c or 3.33 per cent to $4.34; Evolve Education recovered 3c or 3.49 per cent to 89c; NZX was up 5c or 2.44 per cent to $2.10; and NZME gained 2c or 2.74 per cent to 75c. As a Government Minister, Richard was responsible for creating SOEs, deregulating telecommunications and broadcasting, reforming ports, airports, railways and aviation. He was also involved in maritime projects in Singapore, Malaysia and Borneo followed. The latter is a charity that hands out free books to students in low-decile primary schools in the belief that children in households with books achieve better educational outcomes. Mainfreight Limited is a New Zealand logistics and transport company headquartered in Auckland. Liked by Tansy Austin. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Alternatively, email editorial-team (at) simplywallst.com. Founder Bruce Plested and Group President Don Braid highlighted this exciting site at the annual general shareholders meeting! Here, he shares the lessons of his career with CIOs everywhere. Bruce Plested. Please contact your card provider or customer support. During his tenure, Drinkwater has witnessed huge changes in technology. Plested gave the charity $250,000 in 1998, which Duff used to buy shares in the company. He recalls the money was for spending, not investing. Some small berths in the centre and other longer berths further out into the bay are unsold. Last Saturday, the picturesque $23 million ocean-front farm owned by Mainfreight boss Bruce Plested, whose wealth NBR estimated at $270m last year, was used for a family affair. We, Yahoo, are part of the Yahoo family of brands. Within four months of the sale, that system was ripped out and replaced by Mainfreights bespoke system at a cost of $25,000 and the finance team reduced to three people. Today he chairs a group of telecommunication companies. A year later they had nearly doubled in value to $11.10m. A substantial holder notice showed Mainfreight founder Plested sold 1 million shares off-market for $75m through Rorohara No. Putiki Bay at Kennedy Point is, he says, ideal because it's deep compared to other nearby bays, "2.5m to 5.5m". One of the critical areas that we need to improve on is using data to create more predictability, he says. When the company was founded it entered a highly regulated transport market. On March 9, Heron Construction Co sent in the 180-tonne barge Calliope, a 50m x 20m structure topped by a 150ft beam crane, able to lift the heavy gear into place at Kennedy Point. He is fiercely proud of the Mainfreight culture seeing this as a key reason customers choose Mainfreight over the competition. That noted, before packing your bags you can expect to spend your first few years in Australia building your knowledge, skills and understanding of the Mainfreight way. Napier Port held an institutional investor day and rose 14.8c or 4.52 per cent to $3.42. Third year in a row Milford has been awarded the Consumer People's Choice for KiwiSaver by Consumer NZ. That while in theory its possible to scale up and down when using public cloud, in reality the latter almost never happens. Generali's No.3 investor Caltagirone withholds backing for 2022 accounts -sources, Musk says Tesla likely to launch full self-drive technology 'this year', Exclusive: JPMorgan employees gripe about Dimon's return-to-office edict, SpaceX rocket explosion illustrates Elon Musk's 'successful failure' formula, Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast, Exclusive-Peter Thiel, Republican megadonor, won't fund candidates in 2024 - sources, Virginia Governor Youngkin 'humbled' by talk of possible presidential run, European Midday Briefing: Mood Brighter After -2-, Tim Cook unveils new Apple store in India, Morgan Stanley's dealmaking CEO Gorman signals more transactions to come, Transcript : Australian Foundation Investment Company Limited - Shareholder/Analyst Call. Mainfreight group managing director, Don Braid, (l) and chairman, Bruce Plested. NZ companies are well below the global aspirational target for charitable giving. You can cancel anytime with two clicks, an email or a phone call. Her knowledge of high-tech companies is a welcome addition to the Boards capabilities, as is her familiarity with the complexities of acquisitions, and steering companies through growth and change. Mainfreight was founded in 1977 by the visionary Bruce Plested, who set out to make the company a family, a team, where everyone has a share in the riches and where the word 'management' is banned. This article by Simply Wall St is general in nature. Subscribe to our free 7am Headlines newsletter. I do want to say that there is no way wed ever go build our own email. Mainfreight has 9,240 employees, of which 8 are in a leadership position. The index's intraday high was 12,587.68 points. Since then, we have grown to become a global logistics provider with over 11,387 team members across 26 countries, including . Dr Oliver Hartwich. Mainfreight has international operations in the United States through CaroTrans International and most recently Mainfreight International businesses after the 2007 acquisition of Target Logistics, in Asia (nine branches in China, one each in Taiwan, Singapore and Hong Kong). [4] This operation was expanded with depots in Melbourne and Brisbane. Tony recalls "what we used to call the gut boat", filled with rubbish from boats, discharging near the Rangitoto Island lighthouse. Reminder, this is a Premium article and requires a subscription to read. Port of Tauranga was up 4c to $7.30, and Marsden was down 3c to $6.02. ", Bruce Plested starts Mainfreight Auckland. Mainfreight commenced operations in Auckland in 1978 and is the largest freight company in New Zealand. Based on our data team's research, Ben Fitts is the Mainfreight's CEO. 3. Plested got in touch with Duff after seeing the writer in a documentary, talking about the state of New Zealand. Yes, we are using a lot more energy and cooling, but the density of the compute has been a huge enabler., Drinkwater estimates that just 5% of its compute is in the public cloud, with 95% in servers in New Zealand, Asia, Australia, and the US. He has a home on Waiheke and said the marina was not in the locals' interests. The speed of data transmission and the power of the compute has increased exponentially, while software solutions have become more efficient, and hardware has de-scaled. The road to the marina will be widened, improved in a strip around 200m long. Grant Samuel & Associates Ltd. Kate brings to the Board her broad financial and analytical experience acquired in a range of industries, both in New Zealand and overseas. Normally institutions would own a significant portion of a company this size. You can see Mainfreight's historic earnings and revenue below, but keep in mind there's always more to the story. Mainfreight also renamed Wim Bosman branches in the countries France, Poland, Russia and Ukraine under the Mainfreight name.[12]. enter your email and well send you details. Mainfreight, formed in 1978, has 240 branches. "I've always been interested in education. This size of ownership gives retail investors collective power. He was later joined by Neil Graham. Other Current Directorships: To get the disclaimer out of the way, Mainfreight's founder and chair Bruce Plested is not only a member of the Initiative. In 2003 Mainfreight bought Owens Group, one of New Zealand's largest trucking firms. The company was founded in New Zealand in 1978 and used a series of acquisitions to fuel an international growth strategy. Today Mainfreight has been transformed into a major international logistics company with 6011 employees working in 233 operations around the world. He was later joined by Neil Graham. Our studies suggest that the top 25 shareholders collectively control less than half of the company's shares, meaning that the company's shares are widely disseminated and there is no dominant shareholder. No BusinessDesk In the 12 months ended June 2021, the Alan Duff Charitable Foundation received $3.65 million, mostly grants and donations, and included a $110,000 investment dividend. That barge was tagged by protesters "we don't want u!!". The company was founded by Bruce G. Plested in 1978 and is headquartered in Auckland, New Zealand. Retailer Briscoe Group was down 11c or 1.91 per cent to $5.65; Air New Zealand lost 3.5c or 2.11 per cent to $1.62; AFT Pharmaceuticals fell 10c or 2.15 per cent to $4.55; Scott Technology declined 9c or 3.5 per cent to $2.48; Vista Group decreased 8c or 3.43 per cent to $2.25; and Plexure Group was down 4c or 5.33 per cent to 71c. He hasnt made any plans beyond the summer other than continuing as chair of Duffy Books in Homes, but he will be looking at new opportunities that crop up. After the full acquisition that took place August 2007, Mainfreight Asia quickly gained momentum in the Air and Ocean sector, driving business in China and Southeast Asia. The Top 200 Awards judges say he built a global transport company from nothing and has done many wonderful things along the way. [3] [4] When the company was founded it entered a highly regulated transport market. Leverage your professional network, and get hired. Last year the business had revenue of NZ$1.9 billion and expects to reach $2 billion this year. For more information, please visit our cookie statement. It's possible your card provider is preventing us from charging the card. In the process, Bruce Plested has become one of New Zealand's latest billionaires. The government must focus on supporting exporters to innovate. Plested is within a hair's breadth of becoming a billionaire - on paper at least - from his Mainfreight stake alone when the shares hit an all-time high $60.10 yesterday, valuing the 16.2 million shares he directly owns or oversees as a trustee at $974.7 million.The shares were trading this morning at $59.30 for a valuation of $960.55 million for He sets high standards for himself and has created a family atmosphere where people want to prove their worth to him. We were spellbound.. Duffs confidence in Mainfreight has led to the charity taking a large stake in the company. So they generally do consider buying larger companies that are included in the relevant benchmark index. [8], Headquartered in 's-Heerenberg, The Netherlands, Wim Bosman is privately held and operates more than 1,000 transport units, manage more than 275,000m2 of cross-docking facilities and warehouse area, and employ roughly 1,414 staff within 14 branches located in The Netherlands, Belgium, France, Romania, Poland, and Russia. [3][4], When the company was founded it entered a highly regulated transport market. Simon has a long association with Mainfreight having served as the Companys main adviser for acquisitions, debt structure and other matters since 2003 (through Grant Samuel & Associates), prior to joining the Mainfreight Board. Founded by Bruce Plested who started the company with just NZD$7000.00 and a 1969 Bedford Truck. Formerly Halford Young, Halford is a private logistics company and freight forwarder with operations and networks in Australia and New Zealand, Japan, Germany, throughout Asia and the United States.[6]. [7] This takeover was in response to the purchase of Tranz Rail by Australian transport firm Toll Holdings. In 2001, Mainfreight's management decided that technology needed a global role, and Drinkwater became CIO. They had a total of 1,540,506 employees among them. Ideas. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. 2 Trust. In looking back at his career, Drinkwater tells CIO New Zealand there are two ways for CIOs to measure their success: One is whether the solutions they deploy are better than people expected, and the other is whether the business keeps wanting to spend money on technology. It has been listed on the New Zealand Exchange since 1996. In 2007, Mainfreight acquired Target Logistics, a United States based forwarder with 34 offices, and an extensive agent network. Last period it bought $2.88m worth of them. Plesteds early home life was a book-filled one, and his mother would always read to her two sons. At the time Plested said he just wanted to say thank you to the people who had given him so much. The project was sold by South British Insurance to Wilkins & Davies. We aim to bring you long-term focused analysis driven by fundamental data. Fortunately, the pandemic has been kept at bay in New Zealand and the economy hasnt taken a dive, but Drinkwaters decision to retire from Mainfreight prevailed. So SKP went to the High Court asking for permission for a rehearing in the Environment Court on the basis of having new evidence. Celebrating our founder, Bruce Plested's 80th Birthday at Mainfreight Warehousing Toronto! Photo / NZME. Braid says over the years the chairman has designed a philosophy to run the company. Working with Ngti Poa Iwi Trust Board and others in the community are aspects he takes pride in. What sort of money? But David Baigent of marina opponents SKP Inc describes the project as "an offensive, elitist edifice". You can access this free report on analyst forecasts for the company. Berths are 10m, 12m, 14m and 16m: "When I started, the average berth length at Westharbour around 1980 was 9m but now the average is 18m.". Take IDCs ERP Modernization Maturity Assessment to benchmark your organizations progress against your peers. The top 10 UPS competitors are; FedEx, DB Schenker, Mainfreight, United States Postal Service, DPDgroup, Purolator, CEVA Logistics, C. H. Robinson, DHL, and YRC Worldwide. It isnt only schools that lack technology know-how, its also company boards, where Drinkwater says they are often led by consultants. Find out In 2006 when we created our new data centre, I was concerned there wasnt enough room in that footprintits not much bigger than a meeting room. Boats will discharge into facilities at the bay end of the marina. This morning in assembly, we had the privilege of having two distinguished Old Boys do a panel - Peter Thompson '76, Managing Director of Barfoot & Thompson, and Bruce Plested '55, Executive . Executive Summary. On March 9, Kennedy Point Boatharbour began construction on-site of the island's first marina: a 186-berth project with 71 private car parks for berth holders, a new wharf, a central-spine walkway, cafe, offices, toilets, laundry and showers and stand-up paddleboard storage. Mainfreight Ltd. engages in the freight logistics services and supply chain solutions. Mainfreight is hosting a BBQ for customers, family and friends on September 22nd! The relationship has been ongoing. Bairds Mainfreight Primary School belongs to the Mainfreight family and is incredibly proud of this very special relationship. That means that even when the share price was higher. "It's a small part of his overall holding and I suspect it would have pained him to sell. The business may have a requirement, but its our job is to make it even better than what they thought they wanted. Visit Lyon. Mair said another drilling rig would arrive shortly. Every investor in Mainfreight Limited ( NZSE:MFT ) should be aware of the most powerful shareholder groups. The cheapest berths went for $180,000. DCB had a staff base of five employees on the date of acquisition, however, staff was expected to rise to seven employees. Additionally, the company's CEO Donald Braid directly holds 2.8% of the total shares outstanding. Taking a look at our data on the ownership groups (below), it seems that institutional investors have bought into the company. He notes that Mainfreight favours a sustainable approach through programmes such as recycling water, installing solar panels, deploying hybrid and electric vehicles in its car fleet, and favouring rail over road where possible. In the Lyon and Grenoble metropolitan areas, and the Haute-Savoie department, INRAE units contribute to research activities at the Lyon-Saint-Etienne, Grenoble-Alpes, and Savoie Mont Blanc . Mainfreight was founded on 6 March 1978 by Bruce Plested who started the company with just $7,200 and a 1969 Bedford truck. The list of best things to do in Auvergne-Rhne-Alpes includes sightseeing, pretty towns, history, and natural wonders! This was the lion's share of the charity's total expenditure of $4.08m. Notably, sometimes top-level managers are on the board themselves. They make their own decisions and have autonomy, but they want 'Dad' to be happy with them. Check out their presentation - https://bit.ly/3BAWpSs #mainfreight # . You can change your choices at any time by clicking on the 'Privacy dashboard' links on our sites and apps. All subscriptions auto renew but are easy to cancel. Bruce believes people grow when they are given this responsibility. It's grotesque if you see what they're trying to do," Plested said of Tony Mair's 186-berth marina proposal for Putiki Bay, Kennedy Point. Mair is using Swedish technology from a floating marine business in Gothenburg. Find out more about how we use your personal data in our privacy policy and cookie policy. "It's about creating a feeling of whanau. Its his view that many CIOs fall into the cloud sprawl trap. Meal kit company My Food Bag rose 6c or 4.26 per cent to $1.47 after telling the market it will be using social enterprise firm GoGo's carbon footprint tracker app. This reading helps inform Plesteds world views and contributes toward his impassioned statements on climate change and the need for better education standards. Its share price increased 1.5c to $1.62. The government vs Mainfreight. "We changed from a u-shape to a central pine walkway 3.3m wide by 150m long.". Northport is forecasting a 15 per cent lift in container traffic volume for the financial year ending June. Drinkwater has contributed to the local CIO community and has regularly featured in the CIO50 New Zealand Awards in 2019 he was No.
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