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Queensland Cotton acquires M&M Wools
Feb '12
M&M Wools, a privately managed wool buying and brokerage firm based in Australia's south-eastern State of Victoria, has been acquired by Queensland Cotton, a leading trader and exporter of wool from Australia.

Queensland Cotton is a division of the Singapore commodity trader Olam International.

Post acquisition, Queensland Cotton plans to retain all the existing employees and seven regional wool outlets of M&M Wools.

The current acquisition follows acquisition of well-known New South Wales (NSW) wool broking firm Western Wool Marketing by Queensland Cotton in 2009.

Currently, Western Wool Marketing has its presence in Queensland and NSW. The new acquisition would enable Western Wool to develop its wool purchasing and brokerage business in Victoria.

Thus, the new acquisition would provide better penetration for Queensland Cotton in Australia's eastern coastline area.

Four other leading wool exporters of Australia have also opted for similar approach to ensure adequate supply of wool by offering broking services to wool growers or by entering into private contracts with them.

Fibre2fashion News Desk - India

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