Elders Limited - 1970-1980

1970-1980

Elders in the 21st century is a major player in the beef production chain but the first steps were taken in 1971 when Giles established a majority investment in Beef City, a high-quality feedlot at Toowoomba in Queensland. Giles also engineered the acquisition of wool brokers and pastoral houses Younghusband and John Sanderson and Co.

Sir Norman Giles retired in 1975 after 54 years with Elders but his successors – Sir Norman Young and Harold Schmidt – kept the momentum rolling and only a year later took over Pitt, Son and Badgery which had been founded in 1879.

This acquisition lifted Elders market share above 34% of the national wool clip or a huge 1.2 million bales. But the growth under the existing management was now slowing and the company was settling down with its wool market dominance, a small but successful finance business and massive cash turnover.

Young later wrote of this period: “We were, perhaps, no longer an attractive target for a takeover bid.” He was wrong.