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NZ' Wool Equities buys Qualityarns woolen mill

12
Apr '12
Wool Equities Ltd., a Christchurch-based farmer owned company, as a part of a consortium of New Zealand knitting and weaving firms, has completed the process of purchasing the Milton-based woolen mill of Qaulityarns Ltd.

The consortium of New Zealand businesses led by Wool Equities has saved the woolen mill from closing, but it has not made it clear as to how many of the former staff will be re-employed or when the mill will start functioning again.

The consortium has, however, announced that the new company operating the woolen mill will be called Bruce Woollen Mill Ltd, in which a majority 67 percent share will be owned by Wool Equities Ltd.

The other firms of the consortium were previously customers of Qualityarns Ltd. who wanted the mill to be operational in order to receive continuous supply of high-quality wool-based yarns, which are inputs in their businesses.

The minor stake of these other firms would also ensure a continuous order flow for the new company.

The Bruce Woollen Mill was set up in 1897 to scour, card, spin and weave wool into yarn, rugs, blankets and fabric. The mill was acquired by Alliance Textiles in 1962. However, the mill closed in 1999, leading to a loss of 54 jobs. Subsequently, it was bought by Qualityarns Ltd.

Fibre2fashion News Desk - India


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