Wool Research Organisation agrees to buy Wool Interiors from Canesis
13 Jul '06
1 min read
Wool Equities Limited's subsidiary, Canesis Network Limited announced that it entered into a conditional heads of agreement to sell its Wool Interiors division to Wool Research Organisation of NZ Inc for $1.7 million with an anticipated completion date of 21 July 2006.
Wool Interiors holds the rights to the Wools of New Zealand brand and has a direct brand and technology relationship with 145 of the leading wool carpet and yarn manufacturers world-wide.
The services provided by Wool Interiors are highly valued by the carpet industry and they pay brand partner fees to have access to them.
Wool Interiors was formed during a time of turmoil in the wool sector after several attempts to form a brand support organisation for carpet wool had failed.
Canesis' ownership of the Wool Interiors business was always intended to be an interim arrangement to provide essential brand management and support for the Wools of New Zealand brand until the sector had reorganised.
"Canesis is pleased to have been able to reorganise and sustain this important asset for the wool sector over the last three years", Andy Pearce, Chairman of Canesis.
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