3 Jul 2011

PGG Wrightson takes control of wool business

6:45 am on 3 July 2011

PGG Wrightson is closing the door on any further move by farmers to buy broker business Wool Partners International (WPI).

The company is taking direct control of WPI and from Friday will trade as PGG Wrightson Wool.

PGG Wrightson has previously said it was open to a second attempt to set up a farmer co-operative to acquire the company.

Managing director George Gould says that phase has now closed and PGG Wrightson is back in the wool business.

He says however that Wools of New Zealand - a promotional, marketing and technical advisory body - will be put into a grower trust for the benefit of strongwool growers.

While the details are still being finalised, Mr Gould says, it will be a starting point for national woolgrower unity.