Logo supplied
THE world’s largest wool-scourer is restructuring to explore and realise new opportunities to capture a greater market value for wool.
NZ company WoolWorks has announced a new division, WoolWorks Ventures, to 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 innovate and build on its core activities. WoolWorks operates wool scouring plants in Napier, Clive and at Washdyke near Timaru.
WoolWorks chairman Rob Hewett said the company remained concerned that New Zealand wool growers were 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.”
The company could see several significant growth opportunities to enhance aspects of the value chain from the farm through to the end manufacturers and their customers – but the opportunities could not be realised through the existing business model, he said.
“A paradigm change is required, with a fresh view and approach. Consequently, WoolWorks Ventures will be the vehicle to execute our ambitious growth plans,” Rob said.
“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.
“WoolWorks has invested heavily in decarbonisation and programmes such as the Science Based Targets initiative (SBTi) and we feel that it’s important that the value of these global commitments can be passed back through the chain to the farmer and wool grower.
“Furthermore, WoolWorks investment and support of Wool Impact will assist the overall wool sector in the identification of new consumer-led uses and branding opportunities globally, which will add to demand with expected increased pricing for strong wool in the medium term.
“With a global move to natural and sustainable fibres through new and innovative products, models, and changes in regulations, including eco-standards, 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 was going on in the background to ensure that happened and the structural changes being made at WoolWorks were all about realising these opportunities, he said.
As part of the changes, long-term WoolWorks CEO Nigel Hales has been elevated to the new 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 newly-created WoolWorks Ventures division.
