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Godfrey Hirst contests wool scouring monopoly
29 Jun '11
1 min read
The monopoly granted by the Commerce Commission to Cavalier Wool Holdings for scouring local wool has been contested by Godfrey Hirst NZ Ltd., the biggest manufacturer of carpets in New Zealand.
Godfrey Hirst has filed an appeal in the High Court against the Commission's decision, which permits Cavalier Wool Holdings to acquire assets and liabilities of NZ Wool Services International (WSI) Ltd., according to WSI Chairman Derak Kirke.
The Commerce Commission regulates competition issues in New Zealand. Fearing competition to the local scouring industry from China, the Commission had last month given its nod for the creation of a local monopoly, as it would increase the size of the domestic industry to a level where it would be able to withstand competition.
Godfrey Hirst has filed an appeal in the High Court against the Commission's decision, which permits Cavalier Wool Holdings to acquire assets and liabilities of NZ Wool Services International (WSI) Ltd., according to WSI Chairman Derak Kirke.
The Commerce Commission regulates competition issues in New Zealand. Fearing competition to the local scouring industry from China, the Commission had last month given its nod for the creation of a local monopoly, as it would increase the size of the domestic industry to a level where it would be able to withstand competition.
Fibre2fashion News Desk - India
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