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

 

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

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Consumer NZ Testing: Nine Sunscreen Brands Fail Protection Tests

Nine different brands fell short in the latest round of testing by Consumer NZ, which covered 20 products. More>>

ALSO:

Media: NZME 'In Discussions' To Buy Stuff

NZME confirms that it is in discussions with Stuff’s owners Nine and has put a proposal to the Government regarding a possible transaction. However, NZME notes that these discussions are preliminary... More>>

Consultation: Plan Of Action To Protect Seabirds

The draft National Plan of Action plan outlines the Government’s commitment to reducing fishing-related captures of seabirds, with clear goals and objectives, supported by an implementation plan. More>>

ALSO:

Housing Issues: Fairer Rules For Tenants And Landlords

The key changes include: - Limit rent increases to once every 12 months and banning the solicitation of rental bids by landlords. - Improve tenant’s security by removing a landlord’s right to use no cause terminations to end a periodic tenancy agreement... More>>

ALSO: