A new company was launched this morning to create an internationally branded New Zealand wool products.
PGG Wrightson chairman Craig Norgate and Wool Grower Holdings chairman James Aitken said: "We want to establish a strong New Zealand wool brand and partner internationally with recognised players thereby improving industry returns and ensuring sustainability of wool production on the farm.''
The company would focus on the premium quality wool carpets and textiles markets.
Former Telecom chief executive Theresa Gattung will chair the foundation board which also includes Dunedin businessman Alan McConnon, Bendigo Station owner John Perriam and professional director Keith Sutton.
Wool Grower Holdings is the majority shareholder with PGG Wrightson having a 40% share.
Mr Norgate said the Wool Company was the result of much hard work by many people in the wool sector led by the Wool Industry Network, an initiative of Meat and Wool New Zealand and New Zealand Trade and Enterprise.
PGG Wrightson was the first industry partner to transfer its wool operations to the company and become a founding equity investor. The company's shareholding might be diluted as other industry players entered into arrangements with the Wool Company, he said.
