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Engro Corporation

 

Engro Corporation

Engro Corporation
Type Public (KSE[1])
Industry Fertilizer
Food
Beverages
Chemicals
polymer
Power Generation
Petrochemical
Founded Basic Foundation: 1957 as Esso/Mobil Joint Venture, Company Incorporated 1965 as Esso Pakistan Fertilizer Company Limited
Headquarters Karachi, Pakistan.
Area served Pakistan
Key people Hussain Dawood
Chairman
Aliuddin Ansari [2]
President and CEO
Products Engro Urea
Engro DAP
Engro Zorawar
Engro Zarkhez
Zingro
Olpers
Olwell
Tarang
Omore Ice Cream
Owsum
Olfrute
SABZ
Avanceon
Engro Rupiya Certificate
Revenue Increase PKR 100 Billion
Net income Decrease PKR 3,957 Million
Total assets IncreaseUS$1.9 Billion PKR 94 Billion
Total equity Increase PKR 27 Billion
Employees 2,093 (December 2009)
Parent Dawood Group
Website .comengro

Engro Corporation is a public company based in Pakistan. The company has stakes in the fertilizer, food, power generation, petrochemicals, automation and terminal storage industries. Engro underwent an employee led buy out in 1992.

Engro Corporation Limited is one of Pakistan’s largest conglomerates with businesses ranging from fertilizers to power generation. Currently Engro Corporation’s portfolio consists of diversified businesses which include chemical fertilizers, PVC resin, bulk liquid chemical terminal, foods, power generation and commodity trade.

The company also co-owns Sindh Engro Coal Mining Company.

Contents

  • Subsidiaries 1
  • Tarang 2
  • History 3
    • Founding days 3.1
    • Esso to Exxon Limited 3.2
    • As Engro Chemicals (further expansions) 3.3
    • Recent history 3.4
  • International Expansion 4
  • Organizational structure 5
  • See also 6
  • References 7
  • External links 8

Subsidiaries

As a holding company its subsidiaries include:

  • Engro Fertilizers Limited
  • Engro Foods Limited
  • Engro Eximp Private Limited
  • Engro PowerGen Limited
  • Engro Polymers and Chemicals Limited
  • Engro Vopak Limited
  • Elengy Terminal Pakistan Limited

Tarang

In 2013, Engro Corporation made six films which was the remake of six old Pakistani classical films under Tarang Housefull, and to honor these films Tarang Housefull Awards are created.

History

Founding days

It was 1957 when in search for oil by Pak Stanvac, an Esso/Mobil joint venture led to the discovery of the Mari Gas field near Daharki Pakistan. Esso proposed the establishment of a urea plant in that area which led to a fertilizer plant agreement signed in 1964. In the subsequent year, Esso Pakistan Fertilizer Company Limited was incorporated, with 75% of the shares owned by Esso and 25% by the general public.

The construction of a urea plant commenced at Daharki in 1966 and production began in 1968. At US $43 million with an annual production capacity of 173,000 tons, it was the single largest foreign investment by a multinational corporation in Pakistan at the time.

Esso to Exxon Limited

In 1978, it was decided to rename the company from Esso Fertilizer Company Limited to Exxon Chemical Pakistan Limited.

In 1991, Exxon decided to divest its fertilizer business on a global basis. The employees of Exxon Chemical Pakistan Limited, in partnership with leading international and local financial institutions, bought out Exxon’s 75% equity. This was at the time and perhaps still is the most successful employee buy-out in the corporate history of Pakistan. Renamed as Engro Chemical Pakistan Limited, the Company has gone from strength to strength, reflected in its consistent financial performance, growth of the core fertilizer business, and diversification into other businesses.

As Engro Chemicals (further expansions)

It was year 1997 when Engro Chemical Pakistan limited decided to establish Engro Vopak Terminal Limited on 50/50 partnership basis between Engro and Royal Vopack of Netherlands, for handling bulk liquid chemical storage at Port Qasim Karachi. In that same year Engro Asahi polymer Chemicals limited was established in a result of joint venture between Mitsubishi Corporation and Asahi for the manufacturing and marketing of PVC resin.

Recent history

Engro EXIMP was established in 2003, after which in 2005 Engro decided to diversify their business more by venturing into the food business by establishing Engro Foods Limited.

Engro also ventured into the power generation business by setting up Engro Energy Limited in 2006, which later on was renamed as "Engro Powergen Limited" in 2008. It was established with the basic aim to play Engro's part to tackle the energy crisis in the country.

In year 2007, Engro Asahi polymer divested its share in joint venture with Mitsubishi and the company renamed as Engro Polymer and Chemicals Limited.

In 2010, keeping in view the immense diversification of Engro Chemical Pakistan Limited, it was decided to rename the company as Engro Corporation as the holding company.

International Expansion

In the year 2011, Engro Corporation had a major global diversification with the acquisition of US-based company, Al Safa Halal.[1] This new business venture comes under Engro Foods Canada Ltd and its subsidiary Engro Foods USA, LLC. Al Safa Halal targets 7 million population of Muslims in North America.

Organizational structure

Hussain Dawood holds the seat of the corporation, Mr. Dawood is also the chairman of Dawood Group Pakistan.

Apart from the chairmanship, Asad Umar held the position of CEO & President at Engro Corporation from 2004–2012. He resigned on April 18, 2012 to join Pakistan's emerging political party Pakistan Tehreek-e-Insaf (Movement of Justice). Muhammad Aliuddin Ansari has been appointed as the new CEO & President of Engro Corporation.

See also

References

  1. ^ Farooq Tirmizi; Mubin Nasir (January 26, 2011). "Global diversification: Engro acquires US-based food company". Express Tribune. Retrieved March 15, 2014. 

Engro Corporation (Engro) 9MCY14: Food Drag Profitability – Azee Research http://wishstocks.com/2014/12/03/engro-corporation-engro-9mcy14-food-drag-profitability-azee-research/

External links

  • http://www.engro.com
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