Wool industry

Changes are inevitable. Not only is that now the motto of luxury Italian woollen fabric manufacturer Reda, but it was also a statement that was repeated during the New Zealand Merino Company's recent conference in Christchurch.

The Sutherland family, from Benmore Station, has been awarded the Otago Merino Association's clip-of-the-year title.

They have adorned the floor of the late Elizabeth Taylor's bedroom and the homes of Paris Hilton, Kanye West, Ernie Els and Magic Johnson.

New Zealand Wool Services International (WSI) has recorded a group net profit after tax of $1.801 million for the six months to December 31.

There is room for long-term optimism for the New Zealand wool industry, despite softening prices, PGG Wrightson Wool general manager Cedric Bayly says.

A Christchurch wool exporter is considering closing down his New Zealand processing plant and moving to Melbourne if Cavalier Wool Holdings buys the wool scouring assets of New Zealand Wool Services International and disposes of the trading arm.

Former Meat and Wool New Zealand and New Zealand Meat Board chairman Jeff Grant believes meat companies Alliance Group and Silver Fern Farms should jointly establish a wool marketing entity.

The High Court has dismissed an appeal by Godfrey Hirst over the Commerce Commission's decision to grant authorisation to Cavalier Wool Holdings to make an offer for New Zealand Wool Services International's wool scouring assets.

New Zealand Wool Services International is preparing to raise capital.

The European financial crisis and the high cost of wool are being blamed for carpet maker Cavalier Corporation's significant drop in sales for the first quarter of its financial year.