DCC plc

DCC plc
Public limited company
Traded as LSE: DCC
FTSE 100 Component
Founded April 9, 1976 (1976-04-09) in Dublin, Ireland
Headquarters Dublin, Ireland
Key people
 John Moloney (Chairman)
Donal Murphy (CEO)
Fergal O'Dwyer (CFO)
Revenue £12.27 billion (2017)[1]
£363.6 million (2017)[1]
£217.7 million (2017)[1]
Number of employees
 11,044 (2017)[1]
Website www.dcc.ie

DCC plc is an international sales, marketing and support services group.[2] DCC is organised and managed in four separate divisions (DCC LPG, DCC Retail & Oil, DCC Technology and DCC Healthcare), each focused on specific market sectors. Its shares are listed on the London Stock Exchange and it is a constituent of the FTSE 100 Index.

History

The company was founded by Jim Flavin in 1976 as Development Capital Corporation Limited.[3] Originally the company focused on providing venture capital to start ups, however in the mid-1980s it changed direction and became an industrial holding company, changing its name to DCC and floating on the Irish Stock Exchange and London Stock Exchange in 1994.[4]

The company was embroiled in a controversy over the issue of insider trading in Fyffes plc, the Irish fruit importing company in which a subsidiary of DCC, Lotus Green, held a stake which was sold in the year 2000. In 2002 Fyffes sued DCC over the sale of its stake in the company. The case was tried in the Irish High Court from December 2004 until July 2005, and on 21 December 2005 judgement was handed down. DCC was cleared of insider trading, although it was found to have been acting as a "single entity" with Lotus Green and Jim Flavin with regards to the sale of the shares. Fyffes appealed to the Supreme Court of Ireland and, in a judgement[5] on 27 July 2007, the Supreme Court overturned the High Court's verdict and ruled that the documents that had been in Flavin's possession when DCC sold the shares had indeed been price sensitive. In April 2008, Fyffes settled its case against DCC for an amount of €37.6 million.[6] As a result of this case, DCC and Flavin came under the examination of the Irish Director of Corporate Enforcement.[7] In January 2010, The report of the High Court Inspector into the affairs of DCC plc was published. The Director of Corporate Enforcement concluded that no further action was warranted by his Office.[8]

In 2011, DCC bought Maxol's Home Heating company, Maxol Direct, which it re-branded as Emo.[9] In 2012, DCC spent around €100 million acquiring LPG (Liquefied Petroleum Gas) distribution businesses in the Netherlands, Britain, Sweden and Norway.[10]

In August 2014, DCC announced that it reached an agreement with ExxonMobil to acquire the Esso Express petrol station network and the Esso Motorway concessions in France [11]

The company joined the FTSE 100 share index of the 100 companies listed on the London Stock Exchange with the highest market capitalisation in December 2015.[12]

In February 2015, DCC completed the disposal of substantially all its Food & Beverage subsidiaries.[13] During the same year the company acquired Butagaz S.A.S., a French LPG business, from Shell for €464 million.[14] The acquisition made DCC Europe's third-largest LPG distributor. [15]

In March 2016, the company agreed to acquire Alimentation Couche Tard's commercial and aviation fuels business in Denmark for €40 million. [16] The deal included a 139-site retail petrol station network and supply contracts with 66 dealers. [17]

In April 2017, DCC announced it had agreed to sell its Environmental division to Exponent, a private equity firm, for £219 million.[18] The company also announced the acquisition of Shell’s liquefied petroleum gas business in Hong Kong and Macau for £120 million, its first acquisition outside of Europe, and the retirement of its chief executive Tommy Breen.[19]

In July 2017 Donal Murphy, previously Managing Director of DCC Energy, became Chief Executive.[20]

Divisions

These are:[21]

  • DCC LPG, a liquefied petroleum gas sales and marketing business in Europe, with a developing business in the retailing of natural gas
  • DCC Retail & Oil, a sales, marketing and retailing business for transport fuels and commercial fuels, heating oils and related products and services In Europe
  • DCC Technology, a route-to-market and supply chain partner for global technology brands
  • DCC Healthcare, a healthcare business, providing products and services to healthcare providers and health and beauty brand owners

See also

References

  1. 1 2 3 4 "DCC Final Results 2017" (PDF). DCC plc. Retrieved 16 August 2017.
  2. ↑ "DCC ahead of expectations in first quarter". Digital Look.
  3. ↑ DCC plc Archived 26 July 2010 at the Wayback Machine.: DCC plc history
  4. ↑ Inspector's Report into the affairs of DCC, Chapter 5
  5. ↑ Judgement Archived 19 November 2007 at the Wayback Machine.
  6. ↑ Fyffes gets €37.6m in DCC settlement RTE, 2009
  7. ↑ Companies Watchdog Examines Flavin Judgment Irish Times
  8. ↑ Inspector's Report into the affairs of DCC Archived 20 April 2013 at the Wayback Machine.
  9. ↑ DCC Acquires Maxol Direct Northern Ireland Archived 16 March 2014 at the Wayback Machine. Rural Energy News, 8 October 2011
  10. ↑ DCC set to buy firm in Netherlands
  11. ↑ "DCC agrees to acquire French unmanned network". investis.com. Retrieved 26 March 2015.
  12. ↑ Davies, Rob (2015-12-02). "Morrisons, G4S and Foxtons lose out in FTSE reshuffle". The Guardian. Retrieved 2016-11-14.
  13. ↑ "DCC completes sale of Robert Roberts and Kelkin". The Irish Times.
  14. ↑ "DCC completes €464m acquisition of gas firm Butagaz". The Irish Times.
  15. ↑ "DCC jumps, as company announces biggest acquisition yet". The Daily Telegraph.
  16. ↑ "DCC reaches deal with Topaz-owner to buy Danish business". Irish Independent.
  17. ↑ "DCC in 'strategically important' €30m fuels buy". Irish Examiner.
  18. ↑ "DCC to sell Environmental business for £219m". RTE.
  19. ↑ "DCC makes first push outside Europe as chief executive plans retirement". The Daily Telegraph.
  20. ↑ "DCC picks energy boss as next chief executive". Reuters.
  21. ↑ "Our Business". dcc.ie. Retrieved 16 August 2017.
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