History
The corporation was formed in January 1981 with the mutual merger of Challenge Corporation, Fletcher Holdings and Tasman Pulp and Paper. It was initially based in Wellington's Challenge House,[1] but later moved in 1987 to a new head office in Penrose, Auckland.
In 1987 the corporation acquired the state-owned enterprise Petrocorp, and created the Fletcher Energy division. Fletcher Energy's assets were subsequently sold to Shell New Zealand.
In November 1993 Fletcher Challenge's share market listing was split into two shares, the Ordinary Division and Forests Division. The Forests Division consisted of the corporation's wood plantation assets and forestry activities. The Ordinary Division consisted of the corporation's pulp and paper, energy and building assets.
In March 1996 the Ordinary Division was split further by creating three new shares - Fletcher Challenge Paper, Fletcher Challenge Building and Fletcher Challenge Energy. This structure lasted three years, until December 1999 when the Board of Directors of the company resolved to dismantle the Fletcher Challenge and establish separate companies.
In 2000 the Canadian pulp and paper assets were sold to Norske Skog to form NorskeCanada. In 2001 Fletcher Challenge was split into three companies, Fletcher Challenge Forests (later renamed Tenon), Fletcher Building (incorporating Fletcher Construction), and Rubicon.
A September 1996 investment in Central North Island Forest Partnership ended in receivership and is said to have contributed to the break up of Fletcher Challenge.[2]
