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 change follows the 50% acquisition of the Elders Primary Wool business by South Island based Carr Group. It will be known as CP Wool in the market and be underpinned by Carrfields Primary Wool, a play on the Carr Group transition to Carrfields – which will roll out from July 2015.
Primary Wool Co-operative, the other 50% shareholder in the Elders Primary Wool business is represented by the ‘Primary Wool’ reference.
“Elders Primary Wool is an iconic player in the New Zealand wool market both locally and on the global stage. Whist we are changing our brand name, we will not be making any changes to the business structure it is today,’” says Elders Primary Wool chairman, Stu Chapman. “We will continue to grow and strengthen our position across the wool value chain – we have a good stable of businesses under the Elders Primary Wool umbrella which CP Wool can carry forward.”
Primary Wool Co-operative chairman, Bay de Lautour says he’s confident the brand change will herald the next chapter in the growth of the New Zealand wool business for both co-operative members and clients.
Carr Group managing director, Craig Carr says the change to CP Wool will align with the change across other parts of the business to Carrfields.
There will be no change to Elders Primary Wool businesses Wool Exports NZ, NZ Yarn and Just Shorn which will continue to operate under their distinct brand names.
