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Wool spinning mill of NZ's Qualityarns set for revival
11
Apr '12
A group of knitting firms and New Zealand based farmer-owned investment company Wool Equities have joined hands to buy and revive the Qualityarns wool spinning plant based at Milton in South Otago.

The historic woollen mill in Milton town, owned by Qualityarns, produced specialist knitting and weaving yarns. But, it was compelled to stop its processing activities in later half of 2011.

As stated by the company, several factors like inability to withstand competition from imported yarns flowing in as a result of trade agreements with China, as also high compliance costs of the Resource Management Act, Emissions Trading Scheme and Accident Compensation Scheme compelled it to cease operations.

The wool spinning plant, which is considered to be a foundation stone of New Zealand's non-carpet textile industry, has an ability to spin almost any type of yarn, and these yarns serve as inputs for several knitters and spinners.

It became difficult for these knitters and spinners to source such yarn from any other domestic source, after the mill closed.

Hence, a consortium of knitters, who purchased yarn from the mill, approached Wool Equities, which has resulted in a deal for purchasing and re-starting the plant next month onwards.

The machineries of the woollen mill were procured by the new consortium with absolutely no reservations, and the knitters group is expected to soon finalize other details of the deal.

Fibre2fashion News Desk - India

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