Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Give Meat & Wool Asset, Levy Transfer Thumbs Down

16 December 2008

GIVE MEAT & WOOL THUMBS DOWN TO ASSET AND LEVY TRANSFER

Wool exporters, wool brokers and private buyers are asking farmers to join them in a collective approach to revitalising the wool industry.

An 8-page tabloid newsletter under the banner of the United Wool Marketers Group highlights the need to recreate consumer demand for wool and shows some of the existing industry initiatives.

The newsletter also emphasises that Meat & Wool NZ and the Wool Industry Network had no mandate to create new companies or to oversee the transfer of wool industry assets and woolgrower money to a private company.

Also covered in some detail are the underlying reasons why the existing industry does not believe that Wool Partners International, the new company headed by Theresa Gattung, can succeed.

The new privately owned entity, mostly made up of PPG Wrightson wool broking business, announced that it eventually expects to launch a prospectus to raise capital of $20 million.

NZ Council of Wool Exporters president John Henderson said he believed Ms Gattung’s company will need a lot more than $20 million to succeed.

He said this raised serious concerns that Meat & Wool NZ will dip into other sources of money such as the WRONZ account and funds left over from the old Wool Board worth a combined estimated total of more than $36 million.

Wools of New Zealand including its Fernmark brand, along with $2.4 million of levy money has been transferred to the Theresa Gattung chaired Wool Partners International.

The United Wool Marketers Group represents a wide cross section of the industry and while recognising the very difficult plight being faced by sheep farmers, the Meat & Wool initiative will end up costing growers more money and lose more worldwide raw wool end-users to synthetics.

The group has offered a range of positive solutions that don’t involve an industry restructure or capital raising to buy or pay for assets.

Instead they want marketing initiatives that unite the world’s wool producing countries against the highly dominant synthetics industry, return of the still powerful Woolmark brand and re-education of the wonderful qualities of wool to a lost generation of shoppers.

The glossy 8-page tabloid newsletter is being distributed to sheep farmers this week.

Growers are being asked to contact farmer politicians through a post card or website and tell them they have no mandate to transfer the assets or provide levy money to Wool Partners International. Woolgrowers are being asked to vote with their feet by not selling wool through Wool Partners International.


ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>


Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>