Wool exporters, wool brokers and private buyers are asking farmers to join them in a collective approach to revitalising the wool industry. An 8-page tabloid newsletter under the banner of the United Wool Marketers Group highlights the need to recreate consumer demand for wool and shows some of the existing industry initiatives reports Scoop. The newsletter also emphasises that Meat & Wool NZ and the Wool Industry Network had no mandate to create new companies or to oversee the transfer of wool industry assets and woolgrower money to a private company. Also covered in some detail are the underlying reasons why the existing industry does not believe that Wool Partners International, the new company headed by Theresa Gattung, can succeed. The new privately owned entity, mostly made up of PPG Wrightson wool broking business, announced that it eventually expects to launch a prospectus to raise capital of $20 million. NZ Council of Wool Exporters president John Henderson said he believed Ms Gattung's company will need a lot more than $20 million to succeed. He said this raised serious concerns that Meat & Wool NZ will dip into other sources of money such as the WRONZ account and funds left over from the old Wool Board worth a combined estimated total of more than $36 million.
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