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WoolWorks New Zealand chair Rob Hewett.
WoolWorks is set to form a new division designed to explore and realise new opportunities to capture greater market value for wool.
The new division, WoolWorks Ventures, will focus on new projects and innovations that can deliver growth for the company, wool growers, and the sector.
The existing WoolWorks business will continue to build on its core activities, operating three wool scouring plants in Napier, Clive, and Washdyke near Timaru.
As part of the changes, WoolWorks chief executive Nigel Hales has been elevated to the role of company president.
Chief operating officer Tony Cunningham will assume the role of chief executive officer Woolworks Operations, with Rosstan Mazey promoted to lead the WoolWorks Ventures division.
Rob Hewett, chairman of WoolWorks, says the company remains concerned that New Zealand wool growers are not receiving an adequate price for their wool.
“As a global leader in early-stage wool processing, WoolWorks agrees that this situation must be addressed. These changes are about doing what we can to help lift returns for farmers,” says Hewett.
He says there are multiple major growth opportunities to enhance aspects of the value chain from the farm through to the end manufacturers and their customers.
“Creating WoolWorks Ventures is recognition that we cannot realise these opportunities through the existing business model. A paradigm change is required, with a fresh view and approach. Consequently, WoolWorks Ventures will be the vehicle to execute our ambitious growth plans,” he says.
“Our mission is to elevate New Zealand wool as a natural, sustainable and ethical fibre of value to consumers who seek products with these attributes.”
Hewett says that with a global move towards natural and sustainable fibres, New Zealand strong wool is set to find a more meaningful place in a rapidly evolving and changing marketplace for interior textiles and emerging opportunities.
“Much work is going on in the background to ensure that this happens, and the structural changes that we are making at WoolWorks are all about realising these opportunities.”
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