29 Nov 2012

Rescued woollen mill looks for more business

6:35 am on 29 November 2012

Wool Equities is holding its annual on Thursday at its new headquarters, the resuscitated Milton woollen mill in South Otago.

The farmer-owned investment company joined forces with a group of the mill's customers to re-open it earlier this year after it was forced to shut down because of competition from imported yarns and rising compliance costs.

The plant, which makes specialist knitting and weaving yarns, is now operating under its original name, the Bruce Woollen Mill.

Chair Cliff Heath said it's going better than expected and is looking for more customers in New Zealand as well as offshore.

He said they're reasonably confident they can keep the mill going and make some profit.

Mr Heath said they're investigating both Australia and the United States.

The meeting starts at 10.30am on Thursday with a tour of the Bruce Mill for shareholders.