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Multiplex (company)

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Multiplex
Company typePrivate
IndustryConstruction, engineering, infrastructure
Founded1962
FounderJohn Roberts
HeadquartersLondon, England
Key people
John Flecker (CEO)
ParentBrookfield Business Partners
WebsiteMultiplex.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

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Brookfield Place (Perth) is the second tallest building in Western Australia.
Wembley Stadium under construction

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

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

Controversies

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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

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Australia

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United Kingdom

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Middle East

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New Zealand

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See also

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References

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  1. ^ Miriam Steffens (9 June 2006). "Multiplex founder Roberts dies at 72". The Age. Retrieved 12 June 2006.
  2. ^ Multiplex Group Admission to Official List Australian Securities Exchange 1 December 2003
  3. ^ "Multiplex Plans 356 Million Euro Europe Property Fund". Bloomberg News. 28 November 2006.
  4. ^ "Multiplex Group (MXG) Interim Financial Results for the Six Months Ended 31 December 2006". multiplex.com.au. Archived from the original on 25 March 2007.
  5. ^ "Australia's Multiplex gets bid approach, shares up". Yahoo Finance. Archived from the original on 7 July 2012. Retrieved 12 April 2007.
  6. ^ "Brookfield's Proposed Acquisition of Multiplex Group". brookfield.com. Archived from the original on 13 February 2008.
  7. ^ "Your directors unanimously recommend that you accept the Brookfield offer". Multiplex.biz. Archived from the original on 29 August 2007.
  8. ^ "Notice of Compulsory Acquisition". ASX.[permanent dead link‍]
  9. ^ "Brookfield Bidder Statement" (PDF). Archived from the original (PDF) on 8 July 2011.
  10. ^ Wilson, Robyn (31 August 2016). "Brookfield Multiplex rebrands to create 'unique identity'". Construction News.
  11. ^ "Covid costs Multiplex £149m". www.theconstructionindex.co.uk. Retrieved 30 April 2021.
  12. ^ "About us". Multiplex. Retrieved 7 September 2022.
  13. ^ a b "NHS board to take action over hospital contractor". BBC News. 17 December 2019.
  14. ^ Brooks, Libby (17 December 2019). "Glasgow health board takes legal action against hospital contractor". The Guardian.
  15. ^ "Inquiry into safety issues at flagship hospitals". 17 September 2019.
  16. ^ "Public inquiry into hospital sites". Scottish Government News. Retrieved 23 December 2019.
  17. ^ Swanson, Ian (28 November 2019). "High Court judge appointed to head public inquiry into Edinburgh's Sick Kids hospital and Glasgow's Queen Elizabeth hospital". The Scotsman.
  18. ^ Morby, Aaron (28 January 2020). "Multiplex sued for £73m over Glasgow super hospital faults". Construction Enquirer. Retrieved 29 January 2020.
  19. ^ Rogers, Dave (3 August 2020). "Multiplex promises action after new figures reveal it is taking more than 50 days to settle its bills". Building. Retrieved 3 August 2020.
  20. ^ Theuinessen, Matthew (5 July 2019). "Council and apartment owners knew panel was a risk". RNZ. Retrieved 3 December 2022.
  21. ^ Richardson in first as Labor fund raiser Canberra Times 20 June 1991 page 1
  22. ^ Tuggeranong retail mall work to begin Canberra Times 22 May 1986 page 1
  23. ^ McGeough, Paul (8 September 1984). "Reviver for Palace Project". The West Australian. p. 1.
  24. ^ Roger and Barbara Andrew (eds.) (2000). "A city within a city". Western Australia – leading in the new millennium. Roleystone: Andrew Publishing House. pp. 201–202. ISBN 0-9577842-1-X. {{cite book}}: |author= has generic name (help)
  25. ^ Stadium Australia Fast Facts Stadium Australia
  26. ^ "Citigroup Centre, Sydney". Brookfield Multiplex. Archived from the original on 26 June 2014. Retrieved 26 June 2014.
  27. ^ "Old Swan Brewery". Brookfield Multiplex. Archived from the original on 26 June 2014. Retrieved 26 June 2014.
  28. ^ "Federation Square: Fun Facts". Archived from the original on 28 August 2007.
  29. ^ "Infolink".[permanent dead link‍]
  30. ^ "Perth Convention Exhibition Centre: Frequently asked questions". Archived from the original on 13 July 2009. Retrieved 12 July 2009.
  31. ^ "Gold Coast Convention and Exhibition Centre". Brookfield Multiplex. Archived from the original on 26 March 2014. Retrieved 26 June 2014.
  32. ^ "Latitude at World Square". Archived from the original on 14 October 2009.
  33. ^ "The Melbourne Convention Centre wins the 2010 Australian Construction Achievement Award" (PDF). acaa. 21 May 2010. Archived from the original (PDF) on 13 June 2010. Retrieved 28 May 2010.
  34. ^ "Brookfield Place". The Skyscraper Center. Retrieved 19 March 2018.
  35. ^ "Swanston Academic Building". RMIT. Archived from the original on 4 March 2016. Retrieved 26 June 2014.
  36. ^ "Brookfield Multiplex wins new hospital contract". WA Today. 3 March 2009. Retrieved 30 April 2018.
  37. ^ "Prima Pearl". Skyscraper Centre. Retrieved 30 April 2018.
  38. ^ "1 William Street: Moving day arrives for public servants in Brisbane". ABC. 1 October 2016. Retrieved 30 April 2018.
  39. ^ "Work starts on Crown Towers Perth". WA Today. 9 April 2014. Retrieved 30 April 2018.
  40. ^ "Claim Perth Stadium subcontractors owed millions". ABC. 14 July 2016. Retrieved 30 April 2018.
  41. ^ "Australia 108 Skyscraper Soars to Record Heights". The Urban Developer. Retrieved 8 January 2020.
  42. ^ "£253m legal battle over Wembley delays". The Guardian. 16 March 2008.
  43. ^ "Strata". Council on Tall Buildings and Urban Habitat. Retrieved 24 May 2014.
  44. ^ "Multiplex preferred bidder at Peterborough hospital PFI". Building. 11 March 2005. Retrieved 30 April 2018.
  45. ^ Sian, Disson. "Tallest residential tower in London completes, designed by Broadway Malyan". World Architecture News. Retrieved 6 June 2014.
  46. ^ Shead, Sam. "PHOTOS: Inside Amazon's giant new UK HQ in London". Business Insider. Retrieved 8 January 2020.
  47. ^ Construction News (30 August 2007). "Multiplex wins £500m tower". CNPlus.co.uk. Retrieved 30 August 2007. [dead link‍]
  48. ^ "Multiplex faces delay on £400m 100 Bishopsgate". Construction News. 4 July 2018. Retrieved 8 January 2020.
  49. ^ "Freeman 'overruled' opening of sick kids hospital". BBC News. 5 July 2019.
  50. ^ "Emirates Tower One". Council on Tall Buildings and Urban Habitat. Archived from the original on 24 May 2014.
  51. ^ "2011 Best Tall Building Middle East & Africa". Council on Tall Buildings and Urban Habitat. Retrieved 24 May 2014.
  52. ^ "Msheireb Properties awards QR1.5 billion construction contract to Brookfield Multiplex Medgulf WLL". Al Bawaba. 5 November 2012. Retrieved 15 August 2015.
  53. ^ "Second tower of JW Marriott Marquis Dubai opens". Emirates 24|7. 13 March 2014. Retrieved 24 May 2014.
  54. ^ "Building towers over Auckland's North Shore". NZ Construction News. July 2007.
  55. ^ "Deloitte Centre". Brookfield Multiplex. Archived from the original on 11 February 2010. Retrieved 30 April 2018.
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