At the same time that CSR was increasing its investment in resources, it entered the concrete market for the first time. The takeover of Wunderlich Ltd. The business was subsequently sold in to Monier.
In the Fijian government bought CSR's Fijian sugar mills, ending the company's year involvement in the Fijian sugar industry. The resource ventures begun in the s, during Australia's mineral boom, continued throughout the s. The company began to invest in alumina and bauxite; various gold, tin, and copper ventures; and later, coal, oil, and gas.
Extensive investments in a number of established coal mines made in the s proved unsuccessful. The prices of coal and oil dropped almost immediately after the acquisitions had been made, near the peak of the energy cycle. A large proportion of loans made for the acquisition of coal and oil assets were in U. The repayments of these loans increased significantly with the fall in the Australian dollar exchange rate in , coupled with falling energy prices.
To reflect its diversification, and in an effort to modernize its corporate identity, the company dropped "Colonial Sugar Refining Company" from its original name and in it became CSR Limited.
The managerial difficulties CSR was experiencing with such diverse business interests forced a strategic reorganization. The sugar division was formed in and the mineral division and the building and construction materials division were formed the following year. Thiess, a large coal company, was acquired in When the resources boom of the s and early s petered out, CSR was left with a debt and interest burden that made the company vulnerable to takeover bids.
Investors had lost faith in the company and CSR share prices plummeted. The company was surviving in large part on the activities of the sugar and building materials divisions, but the drop in world sugar prices in the early to mids made the situation worse. Until the extensive management and corporate restructuring that began in , CSR was a struggling company. Bryan Kelman became general manager in In the company significantly increased its investment in the oil industry when it bought an Australian-based, U.
The major investments in coal, and particularly oil, were badly timed. The Delhi acquisition was hit with falling oil prices, lack of new oil discoveries, and a falling Australian dollar, while carrying extensive debt in U. As a result, the company began a process of repaying much of its debt through the sale of iron ore and some coal assets. In sugar profits fell dramatically. Growing public concern about the health risks associated with sugar consumption and a slump in world prices hit CSR badly.
In sugar was at its lowest price in years. Many cane farmers were living below the poverty line and accused CSR of mismanaging the industry in which it played a dominant role. In CSR began the process of changing the company from a diversified resources and industrial group to a diversified manufacturing company in building and construction materials and sugar--core activities in which the company had long years of experience, since in sugar and since in building materials.
By the end of the s CSR had sold all of its interests in tin, gold, and mineral exploration, its coal mines, and its oil and gas interests. The head office in Sydney, where the company had been based for years, also was sold to compensate for falling profits.
Full description A collection of hundreds of black-and-white photographs documenting the history of the Colonial Sugar Refining Company's involvement in the sugar industry from the 's to the 's. Significance statement A large collection of images constituting a significant documentary record of the Colonial Sugar Refining Company CSR , the Australian sugar industry, the lives of sugar industry workers, and the history of agriculture and migrant labour in Fiji and Australia.
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