The Chairman of Australian Wool Services (AWS), Barry Walker and the Chairman of Australian Wool Innovation Limited (AWI), Ian McLachlan have agreed to extend the timeframe for the MOU covering the integration of the two organisations to the end of March 2007.
This follows from the discussions at the AWI-AWS Integration Steering Committee meeting yesterday.
Progress has been made in a number of important areas. Mr Walker and the AWS Deputy Chairman John Patten met with the Trustees of the IWS Pension Fund last week to consider the triennial assessment of the Pension Fund and the implications of integration.
They signed a Memorandum of Understanding with the Trustees which will help pave the way for integration to proceed.
Mr Walker and Mr McLachlan said that excellent progress had also been made on most other matters relating to the bringing together of the two wool industry companies.
However, there are a number of outstanding issues of a sensitive nature still to be resolved, which will prevent the finalisation of the integration until early next year.
“While it is disappointing that we have not been able to resolve all of the key issues by 31 December, we remain 100 percent committed to integration and are on track to achieve this."
“Discussions on these matters are at a critical stage and our expectation is that we will make a further announcement in late February on the expected integration date”, the Chairmen said.
Australian Wool Innovation Limited
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