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NZ Yarn finalises acquisition Christchurch Yarns

21 November 2014

NZ Yarn finalises acquisition Christchurch Yarns

NZ Yarn has today announced the acquisition of Christchurch Yarns has been finalised. The business will trade as NZ Yarn Limited effective immediately.

Elders Primary Wool (EPW) has secured a majority shareholding of approximately 58 per cent in the acquiring business NZ Yarn. The remaining 42 per cent shareholding is held by independent investors and growers.

Managing Director Glenn Wilcock will continue on in his role with NZ Yarn and Ross Callon has been appointed as Executive Chairman to oversee the strategic and financial direction of the business for the immediate future. All existing staff will be retained in the business with shared services being supplied by the EPW business.

“The appointment of Ross Callon will ensure we have a robust business platform in place. Our focus moving forward is on innovation, quality and manufacturing growth together with an integrated wool supply chain and strong financial management” commented NZ Yarn Director Stu Chapman.

“We have been meeting with local and international manufacturers and have strong commitments from them going into 2015. The success of NZ Yarn will greatly assist in growth opportunities for the New Zealand wool industry” commented Chapman.

“The commercial opportunities the acquisition brings are substantial for EPW, the Just Shorn programme and New Zealand wool generally.”

ENDS

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