ANZCO Foods
TypeSubsidiary
IndustryMeat production
Founded1984 in New Zealand
FounderGraeme Harrison
Headquarters
Christchurch
,
New Zealand
ProductsBeef and lamb
OwnerItoham Foods
Number of employees
3,000
Websiteanzcofoods.com

ANZCO Foods or simply ANZCO (formally ANZCO Foods Ltd and previously the Asian New Zealand Meat Company Limited) is a New Zealand meat producer fully owned by the Japanese company Itoham Foods, which in turn is part of Itoham Yonekyu Holdings. In 2016, ANZCO Foods was New Zealand's fifth-largest exporter, with a turnover of NZ$1.5b, and 3,000 employees.

History

ANZCO started as a company in 1984 under the legal name Asian New Zealand Meat Company Limited[1] owned through the New Zealand Meat Producers Board by individual farmers and led by Graeme Harrison.[2] In 1989, Itoham Foods and ANZCO formed a 50–50 partnership and founded Five Star Beef, a company that operates a feedlot in Wakanui near Ashburton; this is New Zealand's largest feedlot and mainly exports to Japan.[3][4] In 1995, the ANZCO management team led a buy-out of the company from the Meat Producers Board, with Itoham Foods taking a 48.3% minority shareholding and another Japanese company, Nissui (Nippon Suisan Kaisha Ltd), taking a smaller shareholding.[3] Through that buy-out, the initial investment of NZ$350,000 returned over NZ$40m to the original owners.[2] ANZCO Foods started operating under the new ownership arrangement on 17 August 1995.[5]

In 2015, founder Harrison announced that he intended to retire in the near future. This was accompanied by a restructure in shareholding. With approval from the Overseas Investment Office (OIO),[2] Itoham Foods increased its shareholding from 48.3% to 65% and paid just over NZ$40m for these transactions. The seven smallest shareholders were all offered to sell. Harrison himself sold down from just over 20% to 14%. Nissui sold part of its stake at this point (which made up just over 50% of the share transfer) with the balance coming from New Zealand shareholders.[6][7]

In late 2017, Itoham Foods received OIO approval to become to sole owner by obtaining the remaining 35% shareholding. Nissui held 16.8% at that point, and Harrison and other managers held 18.2%. Itoham Foods is a subsidiary to Itoham Yonekyu Holdings. Itoham is publicly listed and 39% owned by the Mitsubishi Corporation. Harrison retired from the company after the March 2018 annual general meeting; he had been at the helm of the company for 34 years, first as managing director and then as chairperson.[8][9]

Governance

ANZCO founder Graeme Harrison in 2017

Chairperson:[10][11]

  • Eddie Tonks (?–2004)[12]
  • Graeme Harrison (2004–2018)
  • Kazuhiko (Sam) Misonou (2018–present)

Chief executives:[3][11]

  • Graeme Harrison (1984–2004)[13]
  • Mark Clarkson
  • Peter Conley (2017–present)

Land holdings

ANZCO Foods holds land in ten locations in New Zealand.[14]

Land area (ha) Location Description
73.8Eltham, TaranakiAnzco Foods Eltham meat processing plant (previously known as Riverlands Eltham)[15]
6.9Waitara, TaranakiANZCO Foods Waitara (previously Waitara freezing works) where meat patties for McDonald's (New Zealand and Pacific Islands) are produced[16][17]
203.9Bulls, Rangitikei DistrictANZCO Foods Manawatu meat works
227.6Christy's Road, Canterburyfarming
602.8Seaside Road, Wakanui, CanterburyFive Star Beef feedlot
361.4Seafield Road, Canterburyfarming
24.6Riverlands, Blenheim, MarlboroughWestmeat Blenheim[18]
5.3Seafield, CanterburyANZCO Foods Canterbury (former Fortex Ashburton slaughter plant)[19]
0.5Green Island, Dunedin, OtagoManufacturing of burgers[9]
141.5Kokiri, WestlandANZCO Foods Kokiri, meat processing plant[20]

References

  1. ↑ "Asian New Zealand Meat Company Limited (233178) Removed". Companies Office. Retrieved 30 June 2020.
  2. 1 2 3 Cronshaw, Tim (29 May 2015). "Larger Japanese stake in Anzco gains OIO approval". Stuff. Retrieved 23 May 2020.
  3. 1 2 3 "Retiring meat industry leader goes farming". Stuff. 10 January 2018. Retrieved 23 May 2020.
  4. ↑ Peden, Robert (24 November 2008). "Five Star feed lot". Te Ara: The Encyclopedia of New Zealand. Retrieved 23 May 2020.
  5. ↑ "Anzco Foods Ltd". Bloomberg News. Retrieved 23 May 2020.
  6. ↑ "ANZCO share sale bid". Otago Daily Times. 2 March 2015. Retrieved 23 May 2020.
  7. ↑ "Case 201510023 – Itoham Foods Inc". Land Information New Zealand. 13 April 2015. Retrieved 23 May 2020.
  8. ↑ Boot, Sophie (19 December 2017). "Japan's Itoham Yonekyu buys remaining share of Anzco Foods". National Business Review. Retrieved 23 May 2020.
  9. 1 2 Rae, Sally (16 January 2018). "Single owner for Anzco". Otago Daily Times. Retrieved 23 May 2020.
  10. ↑ Pickett, Brittany (8 February 2018). "Anzco chairman named to replace Sir Graeme Harrison". Stuff. Retrieved 23 May 2020.
  11. 1 2 "Our Executive Leadership team". ANZCO Foods. Retrieved 23 May 2020.
  12. ↑ "Food pioneer made a knight". The New Zealand Herald. 5 June 2011. Retrieved 24 May 2020.
  13. ↑ "Graduation Programme". Lincoln University. 2012. p. 34. Retrieved 29 July 2020.
  14. ↑ "Case 201710119 – Itoham Foods Inc". Land Information New Zealand. 12 December 2017. Retrieved 23 May 2020.
  15. ↑ Keith, Leighton (19 December 2019). "Inquiries being made into death at Taranaki meatworks". Stuff. Retrieved 23 May 2020.
  16. ↑ Mitchell, Stephanie (25 April 2019). "Made in Taranaki: The production line for McDonalds meat patties starts in Taranaki". Stuff. Retrieved 23 May 2020.
  17. ↑ Coster, Deena (21 October 2017). "Looking back: 20 years since Waitara lost its 'life blood' with the freezing works closure". Stuff. Retrieved 23 May 2020.
  18. ↑ Gooch, Carly (5 December 2019). "Westmeat Richmond sells to Raeward Fresh". Stuff. Retrieved 23 May 2020.
  19. ↑ Hutching, Chris (26 September 2017). "Fortex boss spills beans about jail and return to business". Stuff. Retrieved 23 May 2020.
  20. ↑ "ANZCO Foods Kokiri". ANZCO Foods. Retrieved 23 May 2020.
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