wool

Merino growers have voted to buy PGG Wrightson's half-share in New Zealand Merino for $7.625 million.

Strong and fine wool markets retained their strength at sales last week as buyers continue to chase dwindling supplies.

Strong-wool growers are being invited to invest $65 million in what is being touted as the first opportunity for farmers to invest in a commercial company to try to improve the sector's profitability.

A shortage of wool helped push most prices higher at last week's combined North and South Island sale.

The country's two meat processing co-operatives are considering investing in Wool Grower Holdings, but are waiting to see its long awaited prospectus.

Last week was a good one for the wool industry, with prices firming for both crossbred and fine wool on both sides of the Tasman.

Merino wool has found another active outdoors fabric niche - one with a potential global market of 70 million martial-art athletes.

Elders Primary Wool is claiming a carpet deal which will earn farmers a $1.30 a kg premium and allows the embattled wool industry to move to return to profitability.

Finance industry leader Murray Horn has been asked by the Government to unite the strong wool sector.

New Zealand's economy may have been built from wool off the sheep's back, but the present perilous state of the industry means its contribution could be consigned to history.