The dollar is going to keep falling if Australia is eventually completely foreign owned. The mooted bids for Normandy Mining and WMC and the recent sale of Pacific Dunlop’s brands business are a further tragedy for the Australian corporate sector.

Crikey can only come up with 41 Australian-based companies that are turning over more than $200 million a year offshore from exports or foreign-owned operations.

This week we have seen Southcorp’s appliance business sold to a US company for more than $500 million.

Aussie icons that went offshore this year include:

* Normandy Mining which will be picked up by either Anglo or Newmont.

* UK group Catalyst picked up Just Jeans.

* big chunks of the HIH personal lines business which went to German insurer Allianz.

Pacific Dunlop’s brands business such as Bonds, Berlee bras, Dunlop, Slazenger and Julius Marlow which went to a consortium led by CVC Asia Pacific.

* The entire Australian tobacco industry is now foreign owned after BAT mopped up the 40 per cent of BATA owned by the public.

Philipino brewing giant San Migel snapped up Boags.

* Email was taken over by Onesteel and Smorgon Steel and its whitegoods business, which includes brands such as Hoover, Dishlex, Westinghouse, Simpson and Kelvinator was sold to Electrolux of Sweden for about $450 million.

There are well over 200 foreign companies generating annual revenues of more than $200 million a year out of Australia.

These companies all ship their profits home each year and this puts a downward pressure on the currency because we ain’t got much in the way of foreign profits being shipped back to Australia.

And now it looks like both Normandy Gold and WMC are set to fall into foreign hands, leaving just a rump of Australian-owned mining companies.

If there is one industry where Australia should dominate the world, it is mining, but our management have somehow lost about $10 billion hedging their commodities over the past 5 years and become completely discredited.

So now the Australian mining industry is set to largely become a branch office. It’s all just too tragic.

The full scale of Australia’s woeful corporate performance is here for everyone to see in this exclusive Crikey list of internationally successful Australian companies and foreign companies in Australia who are generating more than $200 million a year.

41 Australian Companies Generating More Than $200M Overseas

Company Where What
Amcor US European,NZ,Asian paper
AGL NZ gas assets
AMP UK funds management and insurance
ANZ NZ and Asia banking operations
Amcor European, NZ and US paper and packaging
Aristocrat Global poker machines all over the world
BHP-Billiton global iron ore, diamonds, coal, oil
Billabong global sportswear
Boral US bricks, tiles, flyash, Asia plasterboard
Brambles global Chep, Cleanaway and records business
BRL Hardy Global wine
Burns Philp US and Europe herbs, spices, yeast
Commonwealth Bank NZ and Asian banking and funds management
Computershare UK, US, South Africa share registry businesses
CSR US building products
Foster’s Brewing global wine and beer
Goodman Fielder Nth and Sth America food operations.
Honan, Dick global agricultural products
Lend Lease global construction and property management
Liberman family Global property, banking
Macquarie Bank global property development, global trading, toll roads
Mayne Nickless Indonesia, UK, US hospitals, express freight, security, pharmaceuticals
MIM UK and Argentina Alumbrera mine in Argentina, UK smelting, coal
News Corp Global Media
NAB UK, NZ and US banking
Orica Global Worldwide explosives business.
Pacific Dunlop global Ansell and batteries
Pacifica US car parts
PBL/Packer Global chemicals, publishing, gambling, film production, cinemas.
Qantas Global airline business
QBE Global various insurance operations
Ridley Corp US feedlot operation
Simsmetal UK and Asian scrap metal operations
SPC/Ardmona global tinned fruit exports
Spotless global plastics manufacturing
Telstra Asia PCCW joint venture in Asia
Visy US paper
Village Roadshow Global cinemas
Washington H Soul Pattinson SE Asian coal pharmaceutical,property and fragrances.
Westfield US, UK and NZ property development and management
Westpac NZ banking operations
WMC Global aluminium/bauxite operations

200 Foreign Companies Generating More Than $200m In Australia Each Year

Company Where What
ABB Swiss engineering, Redbank power station
ABN Amro Dutch investment banking and funds management
Accor French Manages dozens of Australian hotels
Acer Taiwan computer hardware
ACI US glass
Adidas German sports goods and clothes
AES US Victorian and Queensland power stations
AIG US Insurance
Air New Zealand NZ 50% of Ansett
Airbus Industrie European aircraft
Alcan Canada Gove alumnium plant
Alcoa US aluminium and bauxite joint venture with WMC
Allianz German joint venture with HIH Insurance
American Express US card services
Anglo America South African bought Acacia and Shell coal assets
AOL-Time Warner US internet, magazines, film production, theme parks
Astra Zeneca UK pharmaceuticals
Axa French 51% of National Mutual
Babcock & Brown Global bought AIDC
Bass Group UK various hotels
BAT UK tobacco
Baulderstone Hornibrook German construction
Bechtel Belgian power and construction
Boeing US aircraft
Bosch German electrical and car parts
Bridgestone US tyres
Bristol Myers Squibb US pharmaceuticals
British Airways UK stake in Qantas
British Telecom UK various telco investments
Cadbury Schweppes UK confectionary and drinks
Campbell Soup US control of Arnotts
Canwest Canadian controls Ten network
Capital Group US funds management
Cargill US various agribusiness investments
Carter Holt Harvey US/NZ forestry
CED US bought cable company Metal Manufactures
CGEA French transport,water
Chase Manhattan-JP Morgan US investment banking
Chevron US oil and gas
Chemcor US chemicals
Cisco Systems US software and telco systems
CITIC Chinese Portland aluminium smelter, beef
Citigroup US banking and financial services
CMS US 50% of Loy Yang A power station
Coca Cola Company US control of Coca Cola Amatil
CS First Boston Swiss-US investment banking
Daimler-Chrysler US/German cars and trucks
DBS Land Singapore control Australand and Walker Corp
Dell Computers US computers
Deutsche Bank German investment banking
Diageo UK drinks and spirits
DRD South African gold mining
Dresdner German banking
Du Pont US chemicals and textiles
Duke Energy US gas pipelines
Edison Mission US owns Loy Yang B power station
EDS US Commonwealth Bank IT contract
Electrolux Swedish white goods
Erricson Swedish telecommunication products
Exide US PacDun’s battery business
Exxon-Mobil US Bass Strait oil and gas
Fisher & Paykel NZ white goods
Fletcher Challenge NZ construction, forestry
Fluor Daniel US engineering, plant management
Ford US car manufacturing
Fuji Japanese cameras, film, Subaru
Fujitsu Japanese electrical products, cars
General Electric US card processing
General Motors US car manufacturing
Gillette US shavers
Glaxo-Wellcome/Smithkline Beecham UK pharmaceuticals
Glencore Swiss various mining projects
Goodyear US tyres
GPU US Vic energy distribution
Granada UK Seven Network stake, production
Grand Hotel Group Malaysian various hotels
Guiness Peat Group UK corporate raiders
Hagermeyer Dutch Bought Pacific Dunlop’s electrical distribution business.
Hanson UK coal and bought Pioneer
Hawker de Havilland UK aircraft, defence, heavy engineering
Heinz US food, Weight Watchers
Hewlett Packard-Compaq US computers
Hilton Corp US Jupiters casinos and various hotels
Hochtief German control Leighton Holdings
Hoechst German chemicals,food
Homestake US Kalgoorlie gold super pit
HSBC Hong Kong banking and broking
Huntsman US chemicals
Hutchison HK telecommunications
Hyundai Korean cars
IBM US computers,IT
Illinois Tool Works US Bought Siddons Ramset
Independent Newspapers Irish newspapers, radio, outdoor advertising
Itochu Japanese mining, energy and engineering
ING Dutch investment banking, insurance
Johnson & Johnson US personal products
Kelloggs US cereals.
Kodak US film and cameras
KPN Dutch bought TNT
Kumugai Gumi Japanese hotels and property
Kwok family Singapore/HK property
Li Ka Shing Hong Kong bought SA power industry and Victoria’s Powercor.
Lion Nathan Japanese brewing and hotels
Lucent US backbone for web and mobile, bought JNA and owns One.Tel infrastructure
LVMH French leather goods and drinks
Malaysia Mining Corp Malaysia mining but no more Ashton
Marriott US hotels
Mars US chocolates, pet food
Marubeni Japanese aluminium and mining
Mazda Australia Japanese cars and bikes
McDonalds US fast food
MCI-Worldcom US telecommunications,Ozemail
Merck Sharpe Dohme US pharmaceuticals
Merrill Lynch US stockbroking
Metro Cash & Carry Sth African controls Davids Holdings
Microsoft US software, NineMSN
Mitsubishi Japanese car manufacturing
Mitsui Japanese iron ore through Robe River
Motorola US stake in ERG, telecommunications
National Express UK Vic public transport
National Power UK Vic power station
NEC Japanese Computers
Nestle Swiss former PacDun assets and various other food businesses
Nippon Steel Japanese iron ore through Robe River
Nokia Norway mobile phones
Norske Skog Norway newsprint and forestry after bought Fletcher Paper
Norwich Union UK financial services
NRG US power stations
Obayishi Japanese tollroads
Ong Beng Seng Singapore hotels, retail
Oracle US IT industries
Orlando French wine
MPH Singapore Av Jennings home builder
Mr CK Ow Singapore Stamford hotel chain
Panasonic Japanese electrical goods
Parmalat Italian dairy industry
Pearson UK Grundy TV production, financial information.
Pfizer US pharmaceuticals/viagra
Philip Morris US food and tobacco
Phillips Dutch Polygram, electricals
Phillips Petroleum US Timor Sea oil and gas
Placer Dome US gold mining operations
P&O UK stevedoring, ports, cold storage, resorts.
Primus Telecommunications US telecommunications
Principal Group US BT funds management
Ricket & Coleman US pharmaceuticals
Rio Tinto UK Comalco,North and various other mining assets
Roche Swiss pharmaceuticals
Rothmans South African tobacco
Royal-Sun Alliance UK insurance
Rugby Plc UK controls concrete giant Adelaide Brighton
Salomon Smith Barney US investment banking
San Miguel Phillipines beverages (20% of Coca Cola Amatil)
SBC Swiss investment banking
Service Corp International US death industry
Shell Dutch-UK oil, coal and gas
Siemens German electricals and engineering
Singapore Telecom Singapore bought Optus from Cable and Wireless for $14bn
Singapore Power Singapore Bought Vic power transmission assets
Spudman US bought PacDun pastry businesses
Sony Japanese music,electricals
Starwood US hotels
Sumitomo Japanese iron ore through Robe River
Suez Lyonnaise des Eaux French Pacific Waste Management
Telecom NZ NZ AAPT
Texas Utilities US Vic gas and electricity assets
Thakral family Singapore/HK hotel chain
Thames Water UK water
Toronto Dominion Canadian discount broking and banking
Toyota Japanese car manufacturing
Unilever Dutch-UK detergents and ice cream
UnitedGlobalCom US control of pay-TV group Austar
Utilicorp US controls United Energy plus other energy assets
VAW German Bought Kurri Kurri aluminium smelter from Capral. Is largest independent producer of aluminium car parts.
Visa US credit cards
Virgin UK airlines, mobiles, music
Vivendi French Victorian public transport, publishing, water
Vodafone UK mobile phone business
Volvo Swedish cars
Weyerhaeuser US bought $300m of CSR’s timber businesses
Wrigleys US chewing gum, confectionary
Yamaha Japanese pianos, motorbikes
Yu Feng Taiwan 17 shopping centres

Peter Fray

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