Seardel Investment Corporation Ltd.

The Seardel Investment Corporation Ltd. is the largest clothing and textile manufacturer in Southern Africa and is involved in many diverse areas of the economy. Its main activity is the manufacture and distribution of men's, women's and children's apparel. Its other activities comprise the manufacture and distribution of textiles, toys, consumer electronics, and travel. It also has property investment interests. 

Company History
The Seardel Group was established in 1957 by Aaron Searll with the purchase of 66,7% of Elatta Manufacturing Company (Pty) Ltd for R500. It was subsequently renamed Venus Clothing Company (Pty) Ltd. This company manufactured nurses’ caps and bras, and employed 15 people with an annual revenue of R31 156. Then followed the acquisition in 1967 of a controlling interest in Desirée Lingerie Holdings Ltd (Desirée). Seardel was incorporated on 25 September 1968 as an investment holding company for the purpose of acquiring 50% of the issued share capital of Desirée. Seardel then began a series of acquisitions in the apparel sector but also including a controlling interest in Sharp Electronics (South Africa) (Pty) Ltd. and expansion into the toy industry.

Historical Financial Information
Chart of revenues 2001-2007

Political and Public Influence
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Corporate Accountability
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Domestic

 * The Southern African Clothing and Textile Workers’ Union (SACTWU) is the recognised and representative trade union within the group.
 * 2005: Salaried staff bargaining unit protected industrial action. In addition, COSATU called for a National stay-away on 27 July 2005, in protest against job losses in the industry, particularly in the mining, textile and clothing industries.
 * 2007: "In an historical breakthrough, senior management from our Cape based divisions were instrumental in signing a formal MOU between the trade union and the Cape Clothing Association (CCA). The MOU commits management, union officials, employees and shop stewards to establish factory based project committees with the overall purpose of reaching consensus on a range of interventions to reach an industry-wide absenteeism average of a maximum of 5% by the end of November 2007."

Global

 * 2005: Worker Rights Consortium listed one of Seardel's factories, Prestige Clothing, as a potential participant in the Designated Suppliers Program for the U.S. university licensed apparel market

Environment
From Annual Report 2007
 * "Our textile divisions are ISO 9001/2000 accredited and some have attained ISO 14000. This process continues. We hope to achieve this level in all divisions during the 2008 financial year. We continue with our initiative together with the University of KwaZulu-Natal to meet the concept of cleaner textile production and waste minimisation. This accreditation is now an integral part of our management culture."
 * "All new equipment is designed to exceed international environmental impact parameters. Existing plant and equipment is constantly upgraded. The group’s long-term planning and investment program ensures that it has access to the cutting edge of technology and that it is able to manufacture products that are not harmful to the environment."
 * "Our continuous efforts towards improving our environmental conditions, as well as our progress on the recycling of renewable and non-renewable resources, earned us a bronze medal for the KwaZulu-Natal region, as well as the gold medal for innovation. Furthermore we are proud to have achieved a reduction in the emission of CO2 and other gases and energy inputs, resulting in CO2 emission reduction by 16 000 tons, H20 by 21 000 kl, SO2 by 147 tons and coal by 8 000 tons during the year."

Social Responsibility Initiatives
From Annual Report 2007
 * "Our commitment to improve the environment is evidenced by our donations policy, which provides funds to organisations such as the Fairest Cape Association, the Endangered Wildlife Trust and the World Wildlife Foundation, amongst others."

Units/subsidiaries

 * Office automation and consumer electronics
 * Travel & export
 * Lingerie & foundation garments
 * Sportswear & playwear
 * Fashion
 * Knitting, quilting & textile
 * Ladies' outerwear
 * Men's outerwear
 * Toys
 * Property

Brands

 * Brass
 * JJ Collectables
 * New Name
 * Riviera
 * Universal Index

Customers

 * Disney
 * Speedo
 * Triumph International AG

Suppliers
Identified suppliers:

Financial Information (as of DATE)
Ticker Symbol: SERJ Main Exchanges: JSE Investor Website:

List of largest shareholders
Distribution of shareholders

Largest Shareholders

Countries of operation
South Africa, United Kingdom, Zimbabwe

Executives

 * Aaron Searll, CEO
 * Arthur Daniel Jacobson, Executive Director

Board members & affiliations

 * Neil Lazarus, chairman (former senior counsel at Johannesburg Bar)
 * Aaron Searll, CEO (founder)
 * John Copelyn (CEO of Hosken Consolidated Investments Limited, member of parliament)
 * Arthur Daniel Jacobson, executive director
 * Russell Upton (business consultant)
 * Walter Simeoni (managing director of Frame Textile Group, vice chairman of Cotton SA, former president of South African Textile Federation, president of International Textile Manufacturers Federation)

Executive/director compensation

 * Aaron Searl, CEO: USD 5,000,000
 * Walter Simeoni, managing director of textile division: USD 2,000,000
 * Arthur Daniel Jacobson, executive director: USD 1,700,000

Date & venue of next AGM
October 2008 (2nd Floor, Seardel House, Alphen Park, Constantia Main Road, Constantia, Cape Town)

Contact Information
Seardel House

Alphen Park, Constantia Main Road Cape Town, South Africa

Tel: 27 21 460 6300

http://www.seardel.co.za/

External Articles
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