Visy

Visy Industries (known as Pratt Industries USA in the US) is a privately owned Australian-American paper, packaging and recycling company established in Melbourne in 1948¹ . Visy was founded by a number of people. Richard Pratt acted as the head of the company after 1969 until his death in April 2009¹, when his son Anthony Pratt assumed the role of executive chairman. Since his assumption of the role, Anthony Pratt has presided over a major expansion into the Asian packaging market and moved Visy to a position as a key player in food security for the region. Visy operates more than 180 facilities worldwide, and employs more than 9,500 people in Australia and the United States, with total sales exceeding $5 billion.

Visy Industries (known as Pratt Industries USA in the US) is a privately owned Australian-American paper, packaging and recycling company established in Melbourne in 1948 . Visy was founded by a number of people. Richard Pratt acted as the head of the company after 1969 until his death in April 2009, when his son Anthony Pratt assumed the role of executive chairman. Since his assumption of the role, Anthony Pratt has presided over a major expansion into the Asian packaging market and moved Visy to a position as a key player in food security for the region. Visy operates more than 180 facilities worldwide, and employs more than 9,500 people in Australia and the United States, with total sales exceeding $5 billion.

History

Visy Industries originated in 1948 with a 1000-pound loan from Richard Pratt's aunt, Ida Visbord. Initially, the company had three partners—Visbord's husband Max Plotka, Richard Pratt's father Leon, and engineer Les Feldman—focusing on corrugated cardboard. After Leon Pratt's death in 1969, Richard Pratt assumed control, leading to company expansion with new plants in New South Wales and Queensland during the 1970s. By the end of the decade, Visy was producing over 100,000 tons of boxes annually. In the late 1970s and early 80s, the company further expanded, establishing 100% recycled paper mills, such as the one in Warwick Farm, Sydney. By 1990, Visy held a national market share exceeding 40% with over 2000 employees¹. Richard and Anthony Pratt then expanded to North America, overseeing the start-up and development of Pratt Industries USA. In July 2020, Visy Industries purchased the Australian and New Zealand glass manufacturing operations of O-I Glass.

Controversy

In December 2005 the Australian Competition and Consumer Commission (ACCC) commenced prosecution against Visy for alleged involvement in a cartel in the packaging industry. In 2007, Richard Pratt and the Visy group received a A$36 million fine for price fixing, representing the largest fine in Australian history at the time. Richard Pratt and several of his senior executives admitted to wrong-doing in the case. The Justice presiding, Peter Heeley, described them as "the worst cartel to come before the courts in 30-plus years". In 2016 the Australian Taxation Office revealed that in 2013–14, despite earning more than $2.5 billion in revenue, the holding company Pratt Consolidated Holdings had paid no tax. Further, that Thorney Investments, operated by Richard Pratt's son-in-law Alex Waislitz, which earned $430 million in revenue, had also paid no tax.

Hells Angels links

Visy Industries has been linked to outlaw motorcycle group, the Hells Angels. Visy Industries employs a trucking company run by Stephen James Rogers, a convicted drug trafficker and founding chapter boss of the Hells Angels. Rogers was sentenced in 2007 to three years' prison for drug trafficking, and a senior Visy Industries manager gave character evidence for Rogers at his trial and stated the company would stand by him despite his conviction for trafficking amphetamines. In 2012, Visy Industries was accused of using the Hells Angels to collect their debts. Police and industry sources state Visy founder Richard Pratt, who died in 2009, personally approved the deal with the Hells Angels after the state government removed the need for debt collectors to be licensed. Visy Industries have denied the accusations calling it "nonsense".

Sustainability

Pratt has organised the build of a $50 million, 100% recycled plastics plant in Sydney. This plant will enable Visy to make its PET and HDPE bottles out of 100% recycled plastic resin. Visy-Pratt Industries USA have continued to build clean energy plants which now include facilities in New South Wales (Tumut), Victoria (Melbourne), Queensland and Atlanta. These waste-to-energy plants generate coal-free electricity. They also allow Visy to expand its recycling capabilities beyond converting paper and plastics into recycled goods, residual waste is burnt to extract 'reusable' energy from those streams. It will also enable the company to convert almost all remaining garbage into clean energy, thus helping close down landfills.

References

External links

Text derived from https://en.wikipedia.org/w/index.php?oldid=1378817181 under CC BY-SA 4.0; modifications have been made.