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Wrightson Supports Mckinsey Aims

MEDIACOM-RELEASE-WRIGHTSON-LTD

Wrightson says significant changes in the wool industry must come from the McKinsey review process. Chief Executive Dr Allan Freeth was making initial comments at the release of the McKinsey report on New Zealand wool industry.

"Change in the wool industry's operation is essential if a viable, profitable business is to remain for growers."

He said he believed McKinsey must signal the start of fundamental structural and process changes within the industry.

"If this level of restructure does not eventuate from McKinsey, the Wool Board's reform process will have failed."

Dr Freeth said that as one of New Zealand's largest private wool businesses, Wrightson had contributed a substantial submission to the review team supporting specific change. He commented that although there had been good examples of change taking place within the industry, including within Wrightson, the scope and pace had been inadequate.

"Wrightson has always supported the principles of McKinsey, in particular the need for the industry to move towards more commercial activities and to position the industry to best utilise new technology.

"The company also supports avoiding unnecessarily destroying value in parts of the industry as a result of changes in other areas."

He said Wrightson agreed innovation and entrepreneurialism had to be allowed to fully develop and that the structural changes would have to occur to allow this to happen.

Dr Freeth said Wrightson had been introducing change in its wool business for sometime and that the company would be launching its new strategy shortly.

"Suffice to say Wrightson sees a compelling need to better integrate raw grower production into contracted processor requirements and to link the producer directly to specific market demand."

Wrightson will digest the full McKinsey report and will comment further once this analysis been completed.

ENDS

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