Futuris Corporation (FCL)

Shares / Stock Code

FCL

Stock Exchange / Sharemarket

ax

Futuris Corporation (FCL) is engaged in providing the Australian rural community with farm services such as rural finance, designing and manufacturing of steering and air conditioning systems as well as related parts to be used in the automotive industry. FCL was listed on the Australian Stock Exchange on the 7th of December 1993. Its average annual revenue reaches approximately $3 million out of its issued capital of $454 million. Its headquarters is located in Adelaide, Australia and to date; around 6600 people are employed in the company. Futuris Corporation operates mainly in four business segments: forestry, rural and agriculture services, property and investment and automotive components.

The forestry business segment of Futuris Corporation is engaged in the processing operations and integrated hardwood timber. This segment manages more or less 150,000 hectares of plantations in Western Australia. The rural agricultural services segment of FCL is in charged of providing variety of products and services mainly for the agricultural sector. Included in the activities of this segment are farm inputs supply, beef production, and farm output marketing and sale. It supplies wool, meat and livestock and merchandises such as fertilizer, cropping inputs, general farm needs and animal health products.

The property segment of Futuris Corporation is in charged in selling and developing land and commercial developments. This segment also holds equity interest in listed property trust. The automotive components segment is engaged in the manufacturing and selling of automotive components such as seat tracks, seats, hoses, window regulators, pedal boxes, pipes and fittings, door trims, steering columns, carpets, headliners, condenser assemblies, compressors, cooling fans, evaporators, special tube fittings, hose fittings, heater cores, alloy lines, hose accessories, heater taps and refrigerant hose assemblies.

Futuris Corporation Company History

Futuris was founded in 1981. Its initial public offering (IPO) was presented in the same year. Flaw detection service was soon formed and Futuris Industrial Products was founded in 1987.

Air International Group was taken by Futuris in 1990. The company had a share placement strategy and was able to acquire $4.6 million in the following year. Building Product division was founded by Futuris and then attained Prestige Brick and Bristale in 1992.

Its industrial products business was traded by the company in 1995 and was established through Air International agreement in China. In 1996, a shared agreement was also accomplished and controlling capital in Elders was gained. After a year, Elders Company was taken by the group.

Futuris and Bendigo Bank established Elders Rural Services (ERSL) in 1998 following the attainment of Primac Holdings in the latter part of 1998. Elders Company which was acquired in 1997 took Victorian Cooperative in 1999.

Bremer Woll Kammerei, German wool handler and Innerhadden Limited were gained in 2000. ERSL was given banking permit and its name was altered to Elders Rural Bank. Australian Agricultural Company was enlisted on the Australian Stock Exchange in 2001. 50% interest in Integrated Tree Cropping (ITC) was taken by Futuris in the latter part of 2001. 22%interest of Amcom Limited was gained in 2004. 33% interest of Hifert was taken by Elders. 65% profit in Air International which is a global thermal operation was traded to J P Morgan Prtners in 2005. ITC took 19.9% profit of Forest Enterprises Australia. Elders also gained BWK AG and Australian Wool Handler’s 50% stake in the same year.

Amcom which is one of the company’s businesses took iiNet's % shareholding in 2006. Australian Fine China was traded but retained 48% profit. Its property developments operation was disposed in May 2007.