18 Jul 2011

Canadian-based firm expands into NZ wool market

7:31 pm on 18 July 2011

Canadian based global agri-business Viterra is expanding its wool arm into New Zealand.

The company has been handling grain in New Zealand since 2009 when it merged with ABB Grain Ltd.

Viterra claims to be the largest buyer of wool in Australia's domestic market.

Executive manager of agri-products Peter Davey says Viterra also intends to become a large buyer in the New Zealand wool market.

He says it has employed two local wool traders, from Rokelay Wool NZ and Marquet Trading, partly to give Viterra a better understanding of New Zealand wool varieties.

New Zealand Wool Exporters Council executive manager Nick Nicholson says Viterra's move into the New Zealand wool marketplace is positive for the industry as the company has a strong record in wool.

He says Viterra will have an existing wool base in New Zealand which will lessen the impact on exporters during the current wool shortage.