Cash boost for wool research

Meat & Wool New Zealand will look at putting more money into the new Canterbury-based Wool Industry Network if it proves successful.

Meat & Wool, which collects about $11.8 million of wool producer levies a year, is committing $3.2 million over three years to the network. NZ Trade and Enterprise is putting in $2 million.

Meat & Wool's deputy chairman, Mike Petersen, who will sit on the network's board, said his organisation would consider investing more money if the network works well.

He said Meat & Wool wanted more industry input into the investments the sector makes in research and other activities.

The network would facilitate industry groups based around clusters. Key areas are research and information transfer, training and in-market support for exporters.

Professional director and former national president of the Institute of Chartered Accountants Sue Sheldon will head the network.

Other directors include Stuart Nattrass, John Perriam and Keith Sutton.

Nattrass has an extensive background in international financial markets and foreign exchange risk management, and is involved in farming. He is a director of several other agri-business boards.

Perriam farms Bendigo Station and chaired Merino NZ until 2001. He gained international media attention with his merino Shrek.

Sutton's background is in investment banking and corporate finance. He is also a director of the Animal Health Board, Sealord and other companies.