New Zealand's only wool scourer, WoolWorks, will contribute $2.4 million over the next three years to support the new industry good organisation Wool Impact Ltd.
Wool Impact Ltd will work with brands and companies to get strong-wool products onto markets quickly and ultimately lift returns to farmers.
It has been established following nearly four years of discussions between industry stakeholders and the Government to find the most effective ways of addressing the long-time lack of performance in the wool sector.
Maja Sliwinski, investment director at Tanarra Capital Partners, a WoolWorks shareholder, says the investment in Wool Impact Ltd demonstrates the company's confidence in the sector and the future of wool.
"WoolWorks is committed to the long-term future and betterment of the New Zealand wool industry," she says.