Acquisition of Canesis Network’s business assets

Acquisition of Canesis Network’s business assets complete

AgResearch Chairman Rick Christie announced today that the Crown Research Institute had become the official owner of Canesis Network Ltd’s business assets.

Based at Lincoln near Christchurch, Canesis was an R&D company focused on wool and other innovative textiles, as well as the science of new materials. Canesis was previously owned (74.9 per cent) by Wool Equities Ltd (WEL) and (25.1 per cent) by the Wool Research Organisation of New Zealand Trust (WRONZ).

Rick Christie said AgResearch had undertaken a thorough process of due diligence which included receiving approval from the Government for the purchase.

“This is an important event for sheep farmers because if we can help reverse the fortunes of wool, the profitability of a sheep farm will significantly improve. However, there are no silver bullets here. It took twenty years of steady effort to take New Zealand lamb from being in decline to being a world-beating product. We are running a marathon, not a 100 metre sprint,” said Rick Christie.

The majority of the 101 former Canesis staff that are today joining the AgResearch Lincoln campus will make up a new AgResearch Textiles group. The group will be headed by Dr Robert Finch, formerly Canesis Network’s General Manager – Research and Development.

“I am delighted that Dr Finch has agreed to head AgResearch’s newest science and technology group. He has a PhD in development engineering and a wealth of experience in textiles R&D. Dr Finch led former Canesis staff for over two years prior to this acquisition. AgResearch has been working closely with Dr Finch over the past few months to ensure a smooth transition for both AgResearch and former Canesis staff,” said Rick Christie.

Dr Finch said he was looking forward to his new role. “Joining the country’s biggest CRI is going to open many opportunities for innovative R&D pathways and commercialisation outcomes. I am also expecting the move will create great synergies between staff and believe the future of New Zealand’s wool and textile R&D is in good hands.”

Rick Christie said AgResearch would immediately move some of its staff already located at Lincoln onto the Canesis campus to join their new colleagues. AgResearch’s Lincoln-based staff currently occupy offices and laboratories leased from the CRI Crop & Food Research. Over the next eighteen months all staff would be relocated to the former Canesis site, opposite Lincoln University.

ENDS

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