About 2100 farmers will vote in November on a proposed merger between grower-owned export and marketing company Wools of New Zealand (WNZ) and Primary Wool Co-operative to form a fully integrated supply chain business.
Ahead of the vote, Primary Wool will go to 100 per cent ownership of Te Kuiti-based wool broker CP Wool with the purchase of Carrfields Ltd's 50 per cent shareholding.
Carrfields will turn its focus on to the specialist manufacturing of wool and hemp products through its majority ownership of the NZ Natural Fibres business alongside Hemp New Zealand and the other minority shareholders.
"These strategic moves are the outcome of year-long talks between Carrfields Ltd, Primary Wool Co-operative and WNZ, which collectively handle 37 per cent of New Zealand's wool clip," WNZ chair James Parsons said in a statement.