The Wool vote is in and shareholders have overwhelmingly voted in favour of merging Wools of NZ and the Primary Wool Co-operatives CP Wool. More than 99.7 per cent of WNZ shareholders and 100 per cent of PWC shareholders who voted supported the merger, bringing both companies together in a new entity called Wools of New Zealand LP. Chair of WNZ James Parsons says the growers have spoken and backed the vision for one organisation to make a real difference to New Zealand’s struggling wool industry. Its the first serious grower-owned consolidation of the industry in many decades and it aims to realise the full potential of wool. The WNZ and PWC boards expect to complete the transaction by the end of the month when Wools of New Zealand LP will be born representing one third of NZ’s wool clip as well as exporting Wools of NZ-branded wool and carpet.
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