BUSINESS

Wools of New Zealand crosses the $5 million threshold

Tuesday 19 February 2013, 7:54PM
By Federated Farmers of New Zealand
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New Zealand’s wool growers have taken some important steps towards a more united and profitable future with enough supporting the $5 million capital raising threshold needed by Wools of New Zealand (WONZ) to establish a farmer-owned strong wool sales and marketing company, says Federated Farmers Meat & Fibre chairperson Jeanette Maxwell.

“This is wonderful news for an industry which once formed the backbone of the New Zealand economy,” Mrs Maxwell says.

“Raising the required minimum of $5m means WONZ can fully engage in its projects and business to take this new company forward for the betterment of those farmers who have invested in their future.

“There is still some time for farmers who have not signed up to the WONZ’s share offer to get involved and invest in their industry. This $5m gets WONZ over the line to start up its company, but it had hoped for $10m to give it the best possible start. Just under a week out from the 25 February deadline, we are only half way towards achieving that goal.

“This is why Federated Farmers is calling on those remaining farmers who are sitting on the fence or simply have not considered this opportunity to throw their support behind this scheme. This is possibly the last opportunity for the strong wool industry to do something positive to help itself and secure its future.

“In order to survive in today’s fast moving global economy, industries need to have strong brand identities. This is what WONZ plans to develop, while also building on existing market connections.

“I am sure the farmer shareholders, of which I am proudly one, will see a huge amount of benefit as WONZ grows demand for New Zealand’s strong wool textiles and carpets,” Mrs Maxwell concluded.