Australian Wool Innovation (AWI) and Australian Wool Services (AWS) have signed a Memorandum of Understanding, outlining the process of integration for the two companies.
Mr Ian McLachlan and Mr Barry Walker signed the Memorandum of Understanding on behalf of their respective Boards in Sydney yesterday.
Both Boards were unanimous in their resolve to investigate the legal and financial implications to allow the integration of the two companies to occur, for the benefit of their woolgrower shareholders.
AWI Chairman, Mr Ian McLachlan said this is a very important step for the future of the Australian wool industry.
“This will ensure we go to our manufacturers, retailers and designers as a united industry, to Canberra as one, and represent our shareholders collectively."
“I would like to thank Australian woolgrowers for their patience as we resolve the process of integration, and I believe they will be very pleased with this result.” Barry Walker, Chairman of AWS welcomed the Memorandum of Understanding as a crucial move in securing the Woolmark company assets for Australian woolgrowers.
“The Pension Fund will be worked on co-operatively by both companies to resolve the liability. Today is a crucial process that will allow the wool industry to move forward as one; this is a cornerstone for an exciting future.”
The Memorandumof Understanding outlines the direction for the integration of AWI and AWS which will start immediately, with legal and financial advice on how this process will proceed.
Both Boards have resolved that they will work to get shareholder and Federal Government approval to integrate by the end of 2006.
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