- PD Ports
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PD Ports Type Private Industry Ports Predecessor Powell Duffryn Founded 1840, Aberdare, South Wales Founder(s) Thomas Powell Headquarters Middlesbrough, England Number of locations Teesport, Hartlepool, Immingham Owner(s) Brookfield Asset Management Website http://www.pdports.co.uk References: Former coal mining and engineering company PD Ports is a Middlesbrough-headquartered British ports operator.
Formerly known as Powell Duffryn, it dug its first coal mine in South Wales in 1840, and later expanded into various sorts of manufacturing. After its coal mines were nationalised (and subsequently operated by the National Coal Board), the company continued to operate as a ports and engineering firm.
Nowadays PD Ports operates as a ports, shipping and logistics company at various locations throughout the UK.
It was acquired in 2000 by Nikko Principal Investments Japan Ltd., a unit of Nikko Cordial Corp. of Japan.[1][2] PD Ports is now owned by Brookfield Asset Management after a sale from Babcock & Brown. On 16 November 2009, PD Ports was sold to Brookfield Asset Management of Canada.
Contents
Background
The business started in Newport in the 18th century as a timber merchant. Thomas Powell inherited the family business at the age of 14 on his father's death.[3]
Unable to keep the firm profitable, Thomas saw the potential of coal as the Industrial Revolution started, and sank his first deep mine at Cwmbach, Aberdare in 1840. Between then and 1863, he opened many more deep mines in Aberdare (Cwmdare, Abernant, Abergwawr, Middle Duffryn and Cwmpennar) and in the Rhymney Valley.
In 1863 Thomas Powell instructed T. E. Forster, William Armstrong and George Elliott to put a valuation on all his collieries. In 1864 Elliott formed the Powell Duffryn Steam Coal Company Ltd and acquired Powell’s collieries, with an initial capitalization of £500,000, producing 400,000 tons from the eight collieries.
In 1867 the company bought the Aberaman Estate from iron master Crawshay Bailey, including Aberaman Colliery, Ironworks, Brickworks, the Mansion and all adjoining land. Underneath the estate lay some of the best steam coal in the world, accessed via the new Middle Duffryn colliery. The business prospered as part of the development of the South Wales Coalfield, and by 1913 launched a coal distribution subsidiary in France, Compagnie Francaise des Mines Powell Duffryn, with their main offices at Rouen.
In 1916, E.M Hann was made a director of the company. After World War I he drove the development of the company, acquiring all the adjoining collieries (Aberaman, Lletysiencyn, Abernant, Gadlys and Blaengwawr), succeeding in sinking every one of the company’s collieries in the Aberdare Valley to the lowest seam. The company started a joint venture in the shipping industry with Stephenson and Clarke in 1920, later acquiring their partners outright by 1928.
In 1935, Powell Duffryn merged its coal operations with those of Welsh Associated Collieries, who having been formed in 1930 owned 34 collieries, under the joint venture company Powell Duffryn Associated Collieries. In 1942, this company was merged with Messrs. Cory Brothers and Co. Ltd to form Powell Duffryn Ltd.
The United Kingdom coal industry was nationalised in 1946, and in 1947 the National Coal Board took control of the coal division of Powell Duffryn, with the company being paid £16 million for the assets.
The firm diversified, expanding its engineering interests with several acquisitions, including Hamworthy Engineering Ltd in 1962. By the early 1980s, it had gained worldwide recognition in the fields of engineering, shipping (travel), bulk liquid storage, fuel distribution, construction and wagon manufacture. In 1980/81 its turnover was £456m. A period of consolidation followed, with sale of the shipping division by 1988 and purchase of the ports of Tees and Hartlepool in 1992.
By 1994 the company had attracted the attention of the Hanson conglomerate which attempted a takeover. Further restructuring followed, with sale of some peripheral businesses. Between 1996 and 1998, Powell Duffryn sold or closed some 14 subsidiaries, like the US fuel and chemical storage division which included: its Savannah, Georgia and Bayonne, New Jersey chemical storage terminals in 1996; its Eurogas liquefied heating fuel distribution subsidiary in 1997; and its National Pump subsidiary in 1998; the UK Petroleum Products subsidiary in 1998.
The company diversified and expanded its engineering operations with the purchase of "Kvaerner Ships Equipment" (KSE) for £34 million from the Swedish Kvaerner shipping group in December 1998.
In 1992 Teesport was privatised and then original three buyers were subsequently reduced to a single owner, Powell Duffryn Plc, in 1995.
After being acquired by Nikko Cordial Corp. of Japan, it disposed of its engineering division from September 2001, including Hamworthy and Belliss & Morcom divisions to the Gardner Denver Inc. of the USA for £21 million.[4]
This stock exchange listed company was then itself taken over in 2000 by private Japanese owned banking group Nikko and its various maritime and port businesses re-branding in 2003 as PD Ports, Logistics and Shipping (PDPLS). In December 2004, the company, PD Ports plc, was listed on the London AIM stock market and was successfully taken over by Australian investment firm, Babcock and Brown Infrastructure (BBI) in February 2006 to from PD Ports Limited.
Then in November 2009, Brookfield Asset Management acquired PD Ports.
Operations
- Ports:
- Humberside Holdings Ltd. (UK)
- Humberside Sea & Land Services Ltd. (UK)
- Powell Duffryn Shipping Ltd. (UK)
- Powell Duffryn Storage Ltd. (UK)
Former operations
- Air Compressor Products Inc. (USA);
- Belliss & Morcom Ltd. (UK)
- Eagle Compressors Inc. (USA)
- Eurogas, to Calor Gas for £13.5m, 1997
- Hamwothy Division:
- Hamworthy Combustion Engineering Ltd. (UK)
- Hamworthy Heating Ltd. (UK)
- Hamworthy Compressor Group (UK)
- Hamworthy Canada Ltd
- Hamworthy Compressor Systems Ltd. (UK)
- Hamworthy Marine Ltd. (UK);
- Hamworthy Marine Technology Ltd. (UK)
- Hamworthy Pumps and Compressors Ltd. (UK)
- H & L Garages Ltd. (UK)
- JIP Kugleventiler (Denmark)
- Geesink Norba sold to Oshkosh Truck for £91m in 2001
- Hymac engineering (Excavators) (UK)
- Peabody Engineering Corporation (USA)
- Svanehoj International A/S (Denmark)
- UKPP to CPL Industries for £29m, completing Powell Duffryn's withdrawal from the fuel distribution business
See also
Other Port operators in the UK include:
- Associated British Ports
- Mersey Docks and Harbour Company
- Peninsular and Oriental group
References
- "NIKKO PRINCIPAL TO TAKE U.K.'S POWELL DUFFRYN PUBLIC". Asia Pulse via Asia Africa Intelligence Wire. 9 July 2004. http://www.accessmylibrary.com/coms2/summary_0286-21934001_ITM. Retrieved 2008-06-24.
Notes
- ^ Osborne, Alistair (21 March 2001). "Powell Duffryn in talks to go private". Daily Telegraph. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2000/10/28/cnpow28.xml. Retrieved 2008-06-24.
- ^ Osborne, Alistair (21 March 2001). "Powell Duffryn on private path". Daily Telegraph. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2000/11/04/cnpow04.xml. Retrieved 2008-06-24.
- ^ http://www.answers.com/topic/powell-duffryn-plc Corporate history
- ^ International Law Office deal details
External links
Categories:- Companies based in Middlesbrough
- Port operating companies
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