Challenge Corporation Limited

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CHALLENGE CORPORATION LTD 1972-1980

NMA Wright Stephenson Holdings Ltd was formed in 1972 as a result of the merger of Wright Stephenson & Co Ltd with the National Mortgage & Agency Co of NZ Ltd. The merger created one of New Zealand?s largest and most diversified companies and was the holding company for over 25 subsidiaries and associate companies and operated in six economic sectors. In 1974 the company changed its name to Challenge Corporation Ltd.

Rural Servicing
The main trading subsidiary, Wrightson NMA Ltd, operated from branches throughout New Zealand in its role as stock and station agents and serviced the farming industry as commission agents handling livestock, stud stock, wool, meat and land and the trading activities of agricultural produce, seed, merchandise, general hardware, farming machinery, bloodstock, fishing, real estate, meat and wool-brokering. Wright Stephenson & Co (Australia) Pty Ltd, a major agricultural servicing company operated in six Australian states.

Manufacturing
The manufacturing and machinery sector included MacEwans Machinery Ltd manufacturer of pumps, dairy machinery and other agricultural equipment and Morrison Industries Ltd involved in the manufacturing of bicycles, motor mowers and cultivators. The Great Outdoor Co Ltd, manufacturer of outdoor leisure products. D.H. Davies & Co Ltd, manufacturer engaged in the pumping industry. Scott Bonnar Ltd, an Australian company manufacturer of turf care equipment and domestic lawn mowers.

Motors
The national motor network of Wrightcars Ltd had 43 outlets throughout the country. Campbell Motors Ltd with five branches, and the associate company Consolidated Motor Distributors Ltd, distributor for Toyota vehicles.

Wholesale and Retail
The sector included Haywrights Ltd, an associate company, which was New Zealand?s largest and most diversified department store chain, Electric Refrigeration Ltd home appliance stores and Fairburn Wright Ltd a fully owned distributing hardware and pharmaceuticals and merchandise. Goldingham Beckett Ltd, wine and spirit company in Palmerston North and the supplier of liquefied petroleum gas Rockgas Ltd.

Property Development
Challenge Properties Ltd was joint venture between Challenge Corporation Ltd and Land Lease Corporation of Sydney to develop and manage shopping centres and commercial buildings. Land Projects Ltd specialised in providing fully serviced residential sites for home ownership.

Finance
Challenge Finance Ltd provided finance to the general public and business, merchant bank Challenge Securities Ltd and South Pacific Credit Card Ltd.

The company's Chairman and Managing Director from 1970 until 1981 was Ronald Trotter (now Sir Ronald Trotter).

In 1981 Fletcher Holdings Ltd merged with Fletcher Holdings Ltd and Tasman Pulp & Paper Company Ltd to form Fletcher Challenge Ltd. The agreement signed in November 1980, and took effect on 5 January, 1981.

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