New Zealand Wool Prices Hit Highest Levels Since 2011 Amid Tight Supply and Surging Demand
Strong competition and tightening supply have seen wool reach its highest prices paid at auction since 2011.
The transaction will be settled later this month.
PGW's wholesale trading division, Agritrade, is the exclusive distributor of the Nexan animal health product range in New Zealand.
PGW chief executive Stephen Guerin says the acquisition reinforces PGW's commitment to supporting local manufacturing.
"Agritrade, the wholesale trading division of PGW, has maintained a strong relationship with Nexan for over a decade, playing a key role in building its Vetmed brand from the ground up to establish a track record of proven performance that is supported by a growing customer following," says Guerin.
Through Agritrade, PGW continues to distribute Nexan's full product range, which has expanded over the years to include additional brands such as Active+, Cervidae, Farma, and Centramax.
Current owners and directors of Nexan, Gary Harrison and Jon Petherick, say they are proud of Nexan's contribution to supporting New Zealand farmers through the manufacture and supply of locally made animal health remedies, including veterinary products and pharmaceuticals.
"Joining PGW marks an exciting new chapter for Nexan, one that will allow us to continue building on that legacy with even greater reach and capability, while staying committed to innovation and serving rural communities.
"There has been a strong and positive relationship between the Nexan and PGW teams for many years now and this seems to us like a natural progression of that relationship."
Guerin says the acquisition is the perfect fit for their business, and it ensures Nexan's trusted range of products will remain New Zealand made, backed by local expertise, and aligned with the needs of rural communities.
"By keeping the Nexan brand and operations within the country, we are safeguarding local jobs, R&D, knowledge and capability, while further strengthening our ability to support on-farm productivity," he says.
"This acquisition is not just about growth; it is about ensuring New Zealand farmers have access to locally developed and produced products that drive profitability and sustainability on-farm."
Guerin says the acquisition is a positive step forward in PGW's mission to champion local agribusiness and deliver genuine value to farmers.
