New Zealand WoolWorks commits $2.4 million to support new industry organisation

New Zealand WoolWorks commits $2.4 million to support new industry organisation

New Zealand’s only wool scourer WoolWorks will contribute $2.4 million over the next three years to support the new industry organisation Wool Impact Ltd. Wool Impact Ltd will work with brands and companies to get strong‐wool products onto markets quickly and ultimately lift returns to farmers.

It has been established following nearly four years of discussions between industry stakeholders and the government to find the most effective ways of addressing the long‐time lack of performance in the wool sector.

Maja Sliwinski, Investment Director at Tanarra Capital Partners, a WoolWorks shareholder, says the

investment in Wool Impact Ltd demonstrates the company’s confidence in the sector and the future of wool. “WoolWorks is committed to the long‐term future and betterment of the New Zealand wool industry. There is a lot of hard work ahead of us, but we like what we see in Wool Impact Ltd’s three‐year work programme.

We are confident that Wool Impact Ltd will help steer the wool industry back onto a more sustainable and profitable path.” David Ferrier, a WoolWorks shareholder, said New Zealand is set to benefit from the increasing popularity of wool as a natural fibre.

“Wool is gaining a growing stature in the drive towards using more sustainable and natural products as a replacement for oil‐based products. Wool is uniquely placed to take advantage of this trend and WoolWorks wants to be doing our bit to make sure this happens.”

Andy Caughey, Executive Officer of the Strong Wool Action Group Limited (SWAG) welcomed the

investment. “The financial commitment from WoolWorks is a significant investment and an important contribution that will support the vital activities of Wool Impact Ltd, which will act as the catalyst for transformational change over the next three years.

“Wool Impact Ltd will provide a united and effective strong wool industry voice and provide strong wool sector services across data, training insights and standards. The new company will also support commercial participants to increase the demand for wool‐rich products both in New Zealand and overseas and lift the volume and value of New Zealand strong wool.”

Source: Wool Works NZ