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Merger of NZ scouring companies one step closer

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The New Zealand Commerce Commission issued its draft determination to approve the merger of the scouring assets of 50%-owned Cavalier Wool Holdings Ltd (CWH) and New Zealand Wool Services International Ltd (NZWSI). The Commission will allow a period for formal submissions from interested parties after which it will issue a final determination.

The Directors of CWH believe that the interim decision confirms their view that the merger is in the best interests of the New Zealand wool scouring industry.

 

Cavalier Corporation Managing Director Colin McKenzie says the merger will create synergies by taking out excess capacity in the industry and lead to improved profitability. The decision comes as the price of wool grease is beginning to recover.

Zealand Wool Services (owned by Lempriere) has also welcomed the Commerce Commission’s preliminary endorsement of its merger with Cavalier Wool Holding’s wool scouring operations in New Zealand.

Lempriere managing director William Lempriere said the purchase was a positive and overdue result for the New Zealand wool industry.

“New Zealand will retain a world-class scouring industry in New Zealand operated by an independent commission processor for the benefit of growers and exporters.

 

 

 

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