Friday, 24 June 2016 12:25

Cavalier Wool disappointed with new appeal

Written by 

Cavalier Wool Holdings (CWH) is 'disappointed but not surprised'.

Australian owned carpet maker Godfrey Hirst has made the decision to launch another appeal against CWH's proposal to merge its wool scouring operations with NZ Wool Services International (NZWSI).

"There is currently excess wool scouring capacity in New Zealand, this proposal is about consolidating assets and realising efficiencies in order to keep wool processing in the country longer term," it says in a statement.

"We want to avoid what has happened with off-shoring of scouring in Australia and instead create a single, internationally competitive wool processing entity in New Zealand.

"It is disappointing that despite the Commerce Commission ruling in favour of the merger and Godfrey Hirst recently losing an appeal against this in the High Court they have chosen to continue to draw this out and launch yet another appeal." CWH is owned by Cavalier Corporation, the Accident Compensation Corporation (ACC) and local private equity firm Direct Capital.

"Under the merger proposal CWH NZ shareholders will have the majority shareholding with 55% of the merged company and Lempriere (international parent owners of NZWSI) 45%. Lempriere will need Commerce Commission approval to increase its shareholding beyond 45%."

More like this

Hype or Holy Grail?

Merino farmers need to be sure of their evidence if they are to embrace a regenerative agriculture label, says Lincoln University Professor Jon Hickford.

Wool-less Wiltshires prove popular

A seemingly never-ending plunge in strong wool prices is proving to be a boon for a sheep breed that doesn’t produce the increasingly worthless fibre – the Wiltshire.

National

Deer farmer's roaring success

Southland elk farmer Tom May is no stranger to producing top quality velvet and believes that his Mayfield Elk Farm,…

The beginning - not end!

After seven years, the Red Meat Profit Partnership (RMPP) came to an end on 31 March, yet chair Malcolm Bailey…

Machinery & Products

SIAFD wins punters' plaudits

After celebrating its 70th year last month, it looks like the South Island Agricultural Field Days (SIAFD) has hit its…

Opens up blindspots

Traditionally blind spots caused by large buckets or front mounted loads on wheeled loaders have been a major safety concern.

She's one big feeder

Feeder specialists Hustler has released a maxi-sized multi-feeder aimed at large scale farms in New Zealand and further afield.

Roots out problems

Austrian manufacturer Pöttinger has introduced the new Durastar narrow share for its Synkro and Synkro-T, mounted stubble cultivators.

» The RNG Weather Report

» Latest Print Issues Online

The Hound

Blue murder

OPINION: Your old mate recently read an off-the-wall suggestion, by some boffin, that deliberately staining meat blue will lead to…

Foot in mouth - again!

OPINION: This old mutt reckons Agriculture Minister Damien O'Connor too often suffers from 'foot in mouth' disease.

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter