Chairman Barry Walker said, “The AWS Board and I have been very single minded about retaining the core assets including the iconic Woolmark brand, in the hands of Australian woolgrowers and to once and for all address the legacy of the UK Pension Fund. Resolution of the UK Pension Fund legacy has removed a responsibility worth tens of millions of dollars from the shoulders of Australian woolgrowers, while also handling responsibly our obligations to the recipients of the Fund.
"Despite the difficult current business conditions and the fact that AWS carried liabilities from its predecessor organisations (most notably exposure to the IWS Retirement Benefits Plan), all matters entirely beyond the control of AWS Board and Management, we are convinced that we have achieved the key integration objectives which we set ourselves and most importantly achieving the best results possible for shareholders, woolgrowers, the wool industry and staff."
The residual AWS Group will continue to operate as a small secretariat for the principal purpose of managing the company's responsibility to the IWS Pension Fund. AWS will retain cash from the sale of assets, as well as the Andar textile machinery business in New Zealand and a property in Mumbai, India.
“On behalf of the AWS Board and Management, I wish the AWI Board headed by Ian McLachlan and AWI Management headed by Craig Welsh, well in integrating the businesses into a new entity by investing in the strength of Woolmark's global presence and network to build and drive sustainable long term demand for Australian wool” said Mr Walker.
Australian Wool Innovation
marketing@alchempro.com
