Elders Limited
Template:Short description Template:Use dmy dates Template:Use Australian English Template:Infobox company
Elders Limited, formerly known as Elder, Stirling & Co., Elder Smith and Co. and Elder Smith & Co. Ltd, is an Australian agribusiness that provides agricultural goods and services to primary producers in Australia.<ref>Template:Cite web</ref>
History
Early history (1839–1939)
With the fledgling colony of South Australia only three years old, Alexander Lang Elder<ref name=Alex>Fayette Gosse, 'Elder, Alexander Lang (1815–1885)' , Australian Dictionary of Biography, Volume 4, Melbourne University Press, 1972, pp 133–134. Retrieved on 11 July 2009.</ref> arrived in Port Misery (now Port Adelaide) in January 1839 aboard the family-owned schooner Minerva as the only cabin passenger, under Captain David Reid.<ref>Template:Cite web</ref> He went there to set up business and explore opportunities for his family's Scottish-based merchant and shipping business. Alexander's brothers, William,<ref name=William>Fayette Gosse, 'Elder, William (1813–1882)' , Australian Dictionary of Biography, Volume 4, Melbourne University Press, 1972, pp 133–134. Retrieved on 11 July 2009.</ref> George,<ref name=George>Fayette Gosse, 'Elder, George (1816–1897)' , Australian Dictionary of Biography, Volume 4, Melbourne University Press, 1972, pp 133–134. Retrieved on 11 July 2009.</ref> and Thomas<ref name=Thomas>Fayette Gosse, 'Elder, Sir Thomas (1818–1897)' , Australian Dictionary of Biography, Volume 4, Melbourne University Press, 1972, pp 133–134. Retrieved on 11 July 2009.</ref> joined Alexander. Out of the four of them, only Thomas stayed in Australia. Thomas moved to Adelaide in 1854 and worked with George for a year.Template:Citation needed
After George left, Thomas formed Elder, Stirling & Co with Edward Stirling,<ref>Hans Mincham, 'Stirling, Edward (1804–1873)' , Australian Dictionary of Biography, Volume 6, Melbourne University Press, 1976, pp 200–201.</ref> Robert Barr Smith,<ref>Dirk van Dissel, 'Smith, Robert Barr (1824–1915)' , Australian Dictionary of Biography, Volume 6, Melbourne University Press, 1976, pp 153–154.</ref> and John Taylor.<ref>Template:Cite news</ref> On Stirling and Taylor's retirement in 1863, Barr Smith and Thomas Elder formed Elder Smith and Co.Template:Citation needed
In 1888, Elder Smith and Co. was amalgamated with its subsidiary Elder's Wool & Produce Co. Ltd, and Peter Waite became the chairman of directors of the new company, which was called Elder Smith & Co. Ltd.<ref name=Waite>Template:Australian Dictionary of Biography</ref> Elders profits more than doubled from 1918 to 1928, with Peter Waite as chairman until his death in 1922, followed by Tom Elder Barr Smith, son of Robert.<ref name=Waite/>
At some period during the 19th century, the company employed bounty hunters to prevent the theft of sheep by Aboriginal people; Elders paid the hunters for each pair of ears they handed in. Crimes like these were deliberately expunged from Elder’s records by specifically hired staff in the late 20th century.
In 1929 Walter Bagot, of Woods, Bagot, Jory & Laybourne Smith designed the Elders Currie Street offices.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>
World War II and after (1939–1962)
The Elders centenary in 1939 coincided with the start of World War II when the highly competitive wool-selling business was put into government control. As the war continued, the wool auction system remained closed and the British government acquired the total Australian wool clip. In 1941, the British government paid Elders the equivalent of $3 billion today, and nearly $4 billion the following year. The return to the open auction system in 1946 saw the start of a dramatic five-year run for wool.<ref name=":2">Template:Cite web</ref> National wool revenues increased by 29% and 64% respectively in the first two full years of peace.Template:Citation needed
In the early 1950s, Norman Giles moved from the Elders WA branch of the company to the Adelaide branch, and two years later became managing director.<ref name=":1">Template:Cite web</ref> In 1962 Giles announced the merger of Elder Smith and Goldsbrough Mort with its new corporate headquarters located in Adelaide. In 1970, Giles expanded Elders into Gove Alumina and Robe River mining ventures and launched Elders Finance and Investment Co. Sir Norman Giles retired in 1975 after 54 years with Elders.Template:Citation needed
Structural changes and expansion beyond agriculture (1970–2009)
In 1976 Elders acquired Pitt Son & Badgery Ltd, a Sydney based former subsidiary of the Scottish-Marra group.<ref>Template:Citation</ref> In 1982 Elders merged with jam maker Henry Jones IXL to become Elders IXL.<ref name=":2" /> The following year, Elders launched a successful takeover bid for Carlton & United Breweries, which it renamed to Elders Brewing Group.<ref name=":1" /> In 1989, due to an economic downturn, Elders sold Henry Jones IXL to J.M. Smucker Company, was renamed Elders Pastoral, and became a division of its subsidiary Foster's. In 1993, after being renamed Elders Limited, Elders was floated from Foster's, after which it acquired the Australian Agricultural Company. Two years later, Futuris Corporation, a major shareholder in Elders, became the new owner of Elders Limited.<ref name=":2" />
In 1997, Elders launched Australian Wool Handlers as a joint venture, a wool handling and dumping company that quickly became responsible for more than 60% of the national clip. In 1999 Elders Finance was sold to New Zealand-based company Hanover Finance after Elders had sold this business to NZ based investors who took on $20 million of liabilities.<ref>Template:Cite web</ref> In 2009, Futuris Corporation changed its name to Elders Limited, and changed from its conglomerate holding company structure to a single integrated company with an owner-operated focus around its principal business Elders.<ref name=":2" />
In 2013 Elders returned to a pure play agribusiness by selling and divesting the last portions of its Forestry and Automotive divisions.Template:Citation needed
Return to pure play agribusiness (2013–present)
In May 2014, Mark Allison was appointed CEO.<ref>Template:Cite web</ref>
Central to Allison's restructure of Elders was an Eight Point Plan, which outlined an aspirational target of returning Elders to sustainable earnings growth by FY17.
In 2016, Elders acquired 20% of Elders Insurance from QBE and 30% of StockCo.<ref>Template:Cite web</ref>
In 2017, Elders divested its live export division, North Australian Cattle Company (NACC) and Indonesian Feedlot and Abattoir,<ref>Template:Cite news</ref> re-allocating capital to a number of new acquisitions including horticultural inputs and services provider Ace Ohlsson and Kerr & Co Livestock.<ref>Template:Cite web</ref> 2017 also saw Elders complete the buyback of preferential hybrid shares.<ref>Template:Cite web</ref>
In December 2017 Elders paid its first dividend to shareholders in nine years and achieved a market capitalization of $850 million, referred to as "one of the biggest turnarounds in Australia’s corporate history".<ref>Template:Cite news</ref>
In May 2018, Elders acquired Titan Ag, a manufacturer and supplier of agricultural chemicals.<ref>Template:Cite web</ref> Elders began its acquisition of direct competitor Australian Independent Rural Retailers (AIRR) in July 2019 after making a $187 million offer.<ref name=":3" />
In November 2024, Elders announced it would acquire Delta Agribusiness for $475 million.<ref>Template:Cite web</ref>
Main operations
Rural products
Elders is a significant supplier of farm inputs to primary producers in Australia. Products include seeds, fertilizer, agricultural chemicals, animal health products and general rural merchandise. The company also supplies professional and technical services to the rural sector via a network of agronomists.<ref name=":0">Template:Cite web</ref>
Agency services
Elders provides services to assist primary producers with the sale of wool, grain and livestock. The company's network of livestock agents and employees operates across Australia, with operations including livestock auctions (both physical and online), and direct sales to feedlots and livestock exporters.Template:Citation needed
Elders has historically been one of Australia's largest agents for the sale of greasy wool. The company also operates a brokering service for woolgrowers and a grain marketing business.<ref name=":0" />
Real estate services
Elders provides real estate services from around 24,981 branches across Australia.<ref>Template:Cite web</ref> Rural agency services are primarily involved in the marketing and sale of farms, stations and lifestyle estates. Residential real estate services, including agency and property management, operate in major population centres and regional areas through a network of company-owned and franchised offices. Elders is also involved in mortgage and water broking.<ref name=":0" />
Financial services
Elders offers a range of banking and insurance services from branches across Australia.<ref name=":0" />
Feed and processing services
Elders operates the Killara feedlot located south of Tamworth in New South Wales.<ref>Template:Cite web</ref> The company also imports, processes and distributes premium Australian meat in China.<ref name=":0" />
Australian Independent Rural Retailers
In July 2019, Elders announced the acquisition of Australian Independent Rural Retailers (AIRR), an unlisted public company, for $187 million.<ref name=":3">Template:Cite news</ref> AIRR was established in 2006 as an independent buying and marketing group for rural merchandise and pet and produce stores. The business has around 240 independent member stores plus 100 Tuckers Pet & Produce stores across Australia. The acquisition was finalised on 13 November 2019.Template:Citation needed
Thomas Elder Markets
Thomas Elder Markets (TEM) was established in July 2020 to provide objective and independent analysis on agricultural commodity markets. This unit was set up with leading Australian commodity analysts Andrew Whitelaw and Matt Dalgleish, formerly of Mecardo.<ref>Template:Cite web</ref> The TEM analysis business is one of the first of its kind to have an independence charter to ensure the independence of any work produced<ref>Template:Cite web</ref>
The Thomas Elder Markets website has produced 492 articles between August 2020 and July 2021 which are freely accessible to agricultural stakeholders, these include 205 grain and oilseed, 53 fibre, 190 livestock and 44 other.<ref>Template:Cite tweet</ref>
Social responsibility
In 2016 Elders partnered with the North Queensland Cowboys National Rugby League team, producing a series of television advertisements and community initiatives to raise awareness and break the stigma of mental health. This program ended in 2018.<ref>Template:Cite web</ref>
Following the Sir Ivan bushfire in June 2017,<ref>Template:Cite web</ref> many Elders teams gave up time to contribute to a fencing day restoring damaged property.<ref>Template:Cite web</ref> Elders also raised funds for the NSW Farmers Merriwa Sir Ivan Bushfire Appeal.<ref>Template:Cite news</ref>
Elders Give It is a community giving program raising funds for not-for-profit organisations that support rural communities. Partners of Elders Give It include the Royal Flying Doctor Service, Landcare Australia and Beyond Blue.<ref>Template:Cite web</ref>
In April 2017 Elders on South Australia's Eyre Peninsula raised $25,000 for the Royal Flying Doctor Service and in November of the same year became a major sponsor of the Flying Doctor unveiling a new aircraft bearing the Elders logo,<ref>Template:Cite web</ref> part of a three-year $300,000 sponsorship.<ref>Template:Cite web</ref>
In 2019, Elders made donations, support and contributions valued at $1.3 million to community projects including sporting teams, schools and rural charities.<ref name=":0" />
Awards
- National Safety Council of Australia – Judges’ Choice Award for Excellence in Workplace Health and Safety 2015<ref name=":4">Template:Cite web</ref>
- Turnaround Management Association – Large Business Turnaround of the Year 2015<ref name=":4" />
- Elders Insurance – Canstar – Outstanding Value (Landlord Insurance) 2017<ref>Template:Cite web</ref>
- Korn Ferry Employee Engagement Awards – Outstanding Employer 2017<ref>Template:Cite web</ref> and 2019<ref>Template:Cite web</ref>
- Governance Risk and Compliance Institute – Team of the Year (Elders Financial Planning) 2018<ref>Template:Cite web</ref>
- Elders Real Estate – Canstar Blue – Most Satisfied Customers 2019<ref>Template:Cite web</ref>