INDEPENDENT NEWS

Wool scouring merger a win for New Zealand

Published: Thu 30 Apr 2015 04:02 PM
Wool scouring merger a win for New Zealand
Christchurch-based wool processor and trader New Zealand Wool Services has welcomed the Commerce Commission’s preliminary endorsement of its merger with Cavalier Wool Holding’s wool scouring operations in New Zealand.
Cavalier’s scouring services will be merged with the scouring assets of New Zealand Wool Services International, owned by Australian-based wool processor and merchant Lempriere, pending final Commerce Commission approval.
Lempriere managing director William Lempriere said the purchase was a positive and overdue result for the New Zealand wool industry.
“New Zealand will retain a world-class scouring industry in New Zealand operated by an independent commission processor for the benefit of growers and exporters.
“It means jobs stay here, and Kiwi wool growers and exporters will realise the competitive benefits they’ve been needing from an efficient, combined, wool scouring business.”
Mr Lempriere said the merger was part of the wool industry's consolidation.
“Reducing wool supply has seriously affected the viability for the two scouring entities and we're playing a key role in helping scouring consolidate without it turning into another industry loss to New Zealand.
“The Commerce Commission said the benefits to the industry of this merger were clear. There were too many scouring services for the size of the industry. Now it will be right-sized.”
Lempriere has been active in the New Zealand wool and textile industries since the 1970s. Over that time it has made extensive investment in South Island high country farming, wool trading, exporting and scouring.
“We have more than 150 years’ experience and commitment in global wool and cotton agri-business,” said Mr Lempriere. “We’re committed to growing the wool industry in New Zealand.”
The group of companies is also involved in textile processing and innovation in Levin, the development and commercialisation of medical devices, wholesale and retail apparel operations and the establishment of an industrial design, research and development and innovation hub in Tauranga.
ENDS

Next in Business, Science, and Tech

RBNZ To Implement $30bn Large Scale Asset Purchase Programme Of NZ Govt Bonds
By: The Reserve Bank of New Zealand
Monetary Policy With Very Low Interest Rates
By: The Reserve Bank of New Zealand
More Snow On Glaciers But No Good News, Say Scientists
By: NIWA
Elevate NZ Venture Fund To Lift Productivity
By: New Zealand Government
New Legislation To Boost Organics
By: New Zealand Government
Misinformation Circulating On Biodiversity Policy
By: Forest And Bird
Govt Backs RBNZ Move To Support Economy With Lower Interest Rates
By: New Zealand Government
Reserve Bank announces further measures to support economy
By: RNZ
Holding Off The COVID-19 Recession – Expert Reaction
By: Science Media Centre
Banking Sector Prepared For Responding To COVID-19
By: The Reserve Bank of New Zealand
Reserve Bank’s ‘unconventional Tools’ Are Conventional Elsewhere
By: Social Credit
RBNZ Survey: Experts Say An Out-of-cycle Rate Cut May Cause Panic
By: Finder
Next Steps Of Govt And Business COVID-19 Response
By: New Zealand Government
NZX falls following US interest rate cut
By: RNZ
Coronavirus and the economy: Responding to Covid-19 with precision
By: RNZ
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media