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Wools of New Zealand takes a leap forward
19
Feb '13
Wools of New Zealand (WONZ) has completed raising the minimum requirement of NZ$ 5 million in capital from wool growers for establishing a farmer-owned strong wool sales and marketing company, according to Federated Farmers.
 
Last year, WONZ had extended the deadline for its share offer to wool growers until February 25, 2013, to provide every opportunity for growers to take advantage of the offer, which then remained short of the minimum required level of $5 million.
 
Achieving the $5 million threshold would enable WONZ to fully engage in its projects and businesses, including promotion of wool in international markets and establishment of supply chains.
 
WONZ plans to develop strong brand identity for New Zealand wool, while building on existing market connections, Federated Farmers said.
 
WONZ expected to raise $10 million for starting a company for benefitting wool growers in New Zealand, but it has achieved only half of the target so far.
 
Achieving the minimum threshold provides an opportunity for WONZ, which has been so far run by a trust, to further proceed towards establishing a farmer-owned sales and marketing company for more use of wool in carpets and textiles.
 
The achievement has come after several earlier attempts to form farmer-owned groups to raise the profitability of wool growers by controlling the supply of wool from farm to market, through branding, promotion and sales. 
 

Fibre2fashion News Desk - India

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