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Integration of AWI with AWS to be completed by June 30, 2007

24
Apr '07
Australian Wool Innovation (AWI) Chairman Ian McLachlan has announced the integration of AWI with Australian Wool Services (AWS) will be completed by 30 June 2007.

Mr McLachlan said this timeline is now possible with the Federal Agriculture Minister Peter McGauran's decision to support the integration with funding of $15 million.

“The process from here will include negotiation of contracts and a period of due diligence. This $15million allows AWI to secure key assets held by AWS, including the Woolmark brand,” said Mr McLachlan.

“The funding provided by the Government will be spent only on securing key wool industry assets that are owned by AWS; it will not be used to fund other AWI activities."

“The suggestion broadcast on ABC Radio Country Hour on the 18th of April, that this Federal Government funding will be used to support AWI's Federal Court case against PETA and its affiliates, is totally incorrect."

“As one of the most important announcements in the history of the wool industry, we need to be very clear about what the integration means."

“It means that vital assets which woolgrowers have invested in over decades can be reinvigorated and put to use to build the demand for Australian Merino wool."

“The money paid by AWI to secure the key assets will be used by AWS to fulfil its obligations to the IWS Pension Fund in the UK. As a result, AWI will have no liability to the Pension Fund, which will be totally separate from the Australian wool industry."


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