Multiplex (company) explained

Multiplex
Type:Private
Industry:Construction, engineering, infrastructure
Foundation:1962
Founder:John Roberts
Location:London, England
Key People:John Flecker (CEO)
Parent:Brookfield Business Partners
Homepage:Multiplex.Global

Multiplex is an international construction contractor founded in Australia and currently headquartered in London, England. Operating in Australia, Canada, Europe and the Middle East, the company specializes in high-rise buildings, studio, high-end residential, mixed-use, education, health and civil infrastructure developments.

History

Multiplex was founded in 1962 in Perth, Western Australia by John Roberts.[1]

In December 2003, it listed on the Australian Securities Exchange with the code of MXG, raising a total of A$1.2 billion.[2]

Multiplex announced in late November 2006 that it planned to create a European real-estate fund to increase profits.[3] Multiplex posted a preliminary financial report on 22 February 2007 which announced the group's net profit of A$295.6 million.[4]

In January 2007 Multiplex faced a takeover bid which caused its share price to jump 17%. The A$4.03 billion proposal was never formally made, and the potential bidder remained anonymous.[5]

On 11 June 2007, Brookfield Asset Management proposed an acquisition of Multiplex which valued the company at approximately A$7.3 billion.[6] The offer to shareholders of $5.05 per security was supported by the Multiplex board of directors, including the Roberts family,[7] who sold their 26% ownership of Multiplex to Brookfield. The offer also proved popular with investors, with Brookfield rapidly acquiring 90% ownership of the company by 31 October 2007.[8]

Brookfield acquired the remaining 10% of Multiplex securities and delisted the company from the Australian Securities Exchange in November 2007. Brookfield published a statement to ASX outlining its intentions following the acquisition of Multiplex.[9]

The company rebranded to its original name of Multiplex in 2016, while still remaining a Brookfield company.[10]

In 2020, Multiplex made a pre-tax loss of £158.6m. The company closed its sites in late March 2020, after lockdown was introduced.[11]

Operations

As of September 2022, Multiplex employed approximately 2,700 people globally.[12]

Controversies

In 2019, legal action was launched against the company by NHS Greater Glasgow and Clyde over problems in the construction and design of the Queen Elizabeth University Hospital.[13] [14] A public inquiry was also launched in 2019, looking at the QEUH and the delayed Royal Hospital for Children and Young People.[15] [16] The inquiry is intended to examine "how serious problems relating to key building systems and infrastructure occurred, and what steps can be taken to prevent these in future projects".[17] In January 2020, NHS Greater Glasgow and Clyde was reported to be seeking £73m in compensation from Multiplex over building problems at QEUH.[18]

In August 2020, Multiplex was identified as the slowest payer among major UK contractors, taking more than 50 days on average to settle its bills.[19]

Multiplex also built the Victopia apartment building in Auckland, New Zealand, which became the subject of New Zealand's largest-ever leaky building claim. Rather than pay fines and deal with the problems created by this and other shoddy building work, Multiplex put their local business into voluntary liquidation and left the New Zealand market.[20]

Major projects

Australia

United Kingdom

Middle East

New Zealand

External links

Notes and References

  1. Web site: Multiplex founder Roberts dies at 72. The Age. Miriam Steffens. 9 June 2006. 2006-06-12.
  2. https://web.archive.org/web/20210824222532/https://www.asx.com.au/asxpdf/20031201/pdf/3jzdp8msjws94.pdf Multiplex Group Admission to Official List
  3. News: Multiplex Plans 356 Million Euro Europe Property Fund. Bloomberg News. 28 November 2006.
  4. Web site: Multiplex Group (MXG) Interim Financial Results for the Six Months Ended 31 December 2006. multiplex.com.au. dead. https://archive.today/20070325220919/http://www.multiplex.com.au/page.asp?partid=294&ID=319. 25 March 2007.
  5. Web site: Australia's Multiplex gets bid approach, shares up. Yahoo Finance. 12 April 2007. https://archive.today/20120707003627/http://au.biz.yahoo.com/070125/19/12gtw.html. 7 July 2012. dead.
  6. Web site: Brookfield's Proposed Acquisition of Multiplex Group. brookfield.com. dead. https://web.archive.org/web/20080213160833/http://www.brookfield.com/newsroom/multiplexprofile.asp. 13 February 2008.
  7. Web site: Your directors unanimously recommend that you accept the Brookfield offer. Multiplex.biz. dead. https://web.archive.org/web/20070829113726/http://www.multiplex.biz/page.asp?PartID=3756. 29 August 2007.
  8. Web site: Notice of Compulsory Acquisition. ASX.
  9. Web site: Brookfield Bidder Statement. dead. https://web.archive.org/web/20110708095415/http://www.brookfield.com/newsroom/pressreleases/r2007/resources/Multiplex/Brookfield_Bidders_Statement.pdf. 8 July 2011.
  10. News: Wilson . Robyn . Brookfield Multiplex rebrands to create 'unique identity' . Construction News. 31 August 2016 . en.
  11. Web site: Covid costs Multiplex £149m. 2021-04-30. www.theconstructionindex.co.uk. en.
  12. Web site: About us . 2022-09-07 . Multiplex . en.
  13. News: NHS board to take action over hospital contractor . BBC News. 17 December 2019.
  14. News: Brooks . Libby . Glasgow health board takes legal action against hospital contractor . The Guardian. 17 December 2019.
  15. News: Inquiry into safety issues at flagship hospitals . 17 September 2019.
  16. Web site: Public inquiry into hospital sites . Scottish Government News . 23 December 2019 . en.
  17. News: Swanson . Ian . High Court judge appointed to head public inquiry into Edinburgh's Sick Kids hospital and Glasgow's Queen Elizabeth hospital . The Scotsman. 28 November 2019 . en.
  18. News: Morby . Aaron . Multiplex sued for £73m over Glasgow super hospital faults . 29 January 2020 . Construction Enquirer . 28 January 2020.
  19. News: Rogers . Dave . Multiplex promises action after new figures reveal it is taking more than 50 days to settle its bills . 3 August 2020 . Building . 3 August 2020.
  20. News: Theuinessen . Matthew . Council and apartment owners knew panel was a risk . 3 December 2022 . RNZ . 5 July 2019.
  21. https://trove.nla.gov.au/newspaper/article/118152005 Richardson in first as Labor fund raiser
  22. https://trove.nla.gov.au/newspaper/article/131705260 Tuggeranong retail mall work to begin
  23. News: Paul . McGeough . Reviver for Palace Project . . 1 . 8 September 1984 .
  24. Book: Roger and Barbara Andrew (eds.) . Western Australia – leading in the new millennium . 2000 . Andrew Publishing House . . 0-9577842-1-X . 201–202 . A city within a city .
  25. https://stadiumaustralia.com.au/footer/about-us/our-design/stadium-australia-fast-facts/ Stadium Australia Fast Facts
  26. Web site: Citigroup Centre, Sydney. Brookfield Multiplex. 26 June 2014. dead. https://archive.today/20140626075905/http://www.multiplex.com.au/projects/australasia/nsw/construction_and_development/commercial/completed/citigroup_centre/. 26 June 2014.
  27. Web site: Old Swan Brewery. Brookfield Multiplex. 26 June 2014. dead. https://archive.today/20140626075850/http://www.multiplex.com.au/projects/australasia/wa/construction/residential/completed/old_swan_brewery/. 26 June 2014.
  28. Web site: Federation Square: Fun Facts. dead. https://archive.today/20070828234126/http://www.federationsquare.com.au/index.cfm?pageID=256. 28 August 2007.
  29. Web site: Infolink.
  30. Web site: Perth Convention Exhibition Centre: Frequently asked questions. 12 July 2009. https://web.archive.org/web/20090713052151/http://www.pcec.com.au/faqs.cfm. 13 July 2009. dead.
  31. Web site: Gold Coast Convention and Exhibition Centre. https://web.archive.org/web/20140326115210/http://multiplex.com.au/projects/australasia/qld/construction_and_development/tourism_and_leisure/completed/gold_coast_convention_and_exhibition_centre_surfers_paradise/. dead. 26 March 2014. Brookfield Multiplex. 26 June 2014.
  32. Web site: Latitude at World Square. dead. https://web.archive.org/web/20091014062048/http://www.latitudeatworldsquare.com.au/delivery/delivery.htm. 14 October 2009.
  33. News: The Melbourne Convention Centre wins the 2010 Australian Construction Achievement Award . acaa . 21 May 2010 . 2010-05-28 . dead . https://web.archive.org/web/20100613131243/http://www.acaa.net.au/pdf/2010ACAA_winner_MediaRelease.pdf . 13 June 2010 .
  34. Web site: Brookfield Place. The Skyscraper Center. 2018-03-19.
  35. Web site: Swanston Academic Building. RMIT. 26 June 2014. https://web.archive.org/web/20160304023815/http://www1.rmit.edu.au/capitalworks/city/sab. 4 March 2016. dead.
  36. Web site: Brookfield Multiplex wins new hospital contract. 3 March 2009. WA Today. 30 April 2018.
  37. Web site: Prima Pearl. Skyscraper Centre. 30 April 2018.
  38. Web site: 1 William Street: Moving day arrives for public servants in Brisbane. 1 October 2016. ABC. 30 April 2018.
  39. Web site: Work starts on Crown Towers Perth. 9 April 2014. WA Today. 30 April 2018.
  40. Web site: Claim Perth Stadium subcontractors owed millions. 14 July 2016. ABC. 30 April 2018.
  41. Web site: Australia 108 Skyscraper Soars to Record Heights. The Urban Developer. en-AU. 2020-01-08.
  42. Web site: £253m legal battle over Wembley delays. The Guardian. 16 March 2008.
  43. Web site: Strata. Council on Tall Buildings and Urban Habitat. 24 May 2014.
  44. Web site: Multiplex preferred bidder at Peterborough hospital PFI. 11 March 2005. Building. 30 April 2018.
  45. Web site: Sian. Disson. Tallest residential tower in London completes, designed by Broadway Malyan. World Architecture News. 6 June 2014.
  46. Web site: PHOTOS: Inside Amazon's giant new UK HQ in London. Shead. Sam. Business Insider. 2020-01-08.
  47. Web site: Construction News . Multiplex wins £500m tower . CNPlus.co.uk . 30 August 2007 . 30 August 2007.
  48. Web site: Multiplex faces delay on £400m 100 Bishopsgate. 4 July 2018 . Construction News. 8 January 2020.
  49. News: Freeman 'overruled' opening of sick kids hospital . BBC News . 5 July 2019.
  50. Web site: Emirates Tower One. Council on Tall Buildings and Urban Habitat. dead. https://web.archive.org/web/20140524065534/http://skyscrapercenter.com/dubai/emirates-tower-one/. 24 May 2014.
  51. Web site: 2011 Best Tall Building Middle East & Africa. Council on Tall Buildings and Urban Habitat. 24 May 2014.
  52. Web site: Msheireb Properties awards QR1.5 billion construction contract to Brookfield Multiplex Medgulf WLL. 5 November 2012. Al Bawaba. 15 August 2015.
  53. News: Second tower of JW Marriott Marquis Dubai opens. 13 March 2014. Emirates 247. 24 May 2014.
  54. News: Building towers over Auckland's North Shore. July 2007. NZ Construction News.
  55. Web site: Deloitte Centre. Brookfield Multiplex. dead. https://web.archive.org/web/20100211083411/http://www.brookfieldmultiplex.com/commercial/projects/property-details/1245/Deloitte-Centre. 11 February 2010. 30 April 2018.

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