The wool industry could take another step towards recovery this week as farmers vote on a merger of Hawke's Bay-founded farmer-owned Primary Wool Co-operative and South Island-based Wools of New Zealand.
Primary Wool, formed by a group of Hawke's Bay farmers in 1974, owner of Hastings-based CP Wool and having built up a membership base of 1400 farmers throughout New Zealand, holds a Special General Meeting on Thursday and Wools of NZ does so a day later for its shareholders.
The voting follows a series of meetings in August, and a result will be announced next Monday.
But Primary Wool Co-op shareholders are being encouraged to vote on the proposed merger ahead of the deadline.
Under the proposal, grower-owned export and marketing company Wools of NZ and grower co-operative Primary Wool will become the shareholding entities for new entity Wools of New Zealand LP.