Wool companies to merge

Newly-formed company to be called East Coast Wools Ltd.

Newly-formed company to be called East Coast Wools Ltd.

MERGER: Gisborne Wool Co Ltd and Fred Tate Wools Ltd have merged with the new combined company to be called East Coast Wools Ltd. The new entity will begin trading on December 5. The principals are, from left, Nigal Moore, Henry Hansen, Andrew Hansen and Peter Tate. Picture by Paul Rickard

TWO Gisborne Wool businesses — Gisborne Wool Company Ltd and Fred Tate Wools Ltd — have announced their intention to merge into one operational and trading entity.

The newly-formed company will be called East Coast Wools Ltd.

“After a few years talking about it, we feel now is the right time to announce the merger,” said Fred Tate Wools chief executive Peter Tate.

The four owners of the new company will be Henry and Andrew Hansen, Mr Tate and Nigal Moore.

“Together, our two companies have over 170 years of unmatched experience in wool trading and brokering.”

Fred Tate Wools was established in the early 1960’s by Peter’s father Fred, while the Gisborne Wool Company was started way back in 1894 by Henry and Andrew Hansen’s great grandfather William H Smith at Hexton.

“We are sure the combined service we will deliver to our Gisborne woolgrower clients will be second to none.”

Mr Tate said farmers will be well aware of the poor demand for New Zealand cross-bred wool over the last 6-9 months and the resultant falling prices.

The Market indicator has fallen around 40 percent from this time last year.

“Sheep farmers and their wool people are thinking this summer is going to be one to forget. But we believe our merger news is positive and exciting for the farmers of this district.”

Henry Hansen said over the last five to 10 years there has been a lot of noise made from other companies promising to “reinvent the wool wheel” and improve the return to farmers.

“We have to say they have all been universally unable to keep those promises. We will not promise farmers things that are unachievable in the modern trading environment,” he said.

“What we will do is continue to trade and broker wool through auction or privately for the best possible nett result to local farmers.”

The two companies combined will handle more than 25,000 bales of Gisborne-East Coast Wool.

“That will make us easily the biggest local wool trading and broking entity.”

Mr Tate and Mr Hansen said farmers would not notice any change in the people they now contact in regard to their wool.

“Same people, same contact numbers.”

All wool will be processed on site at the Gisborne Wool Co Ltd in Awapuni Road.

The new company begins trading on December 5.

“Now all that is required is for demand to return for beautiful East Coast wool!”

TWO Gisborne Wool businesses — Gisborne Wool Company Ltd and Fred Tate Wools Ltd — have announced their intention to merge into one operational and trading entity.

The newly-formed company will be called East Coast Wools Ltd.

“After a few years talking about it, we feel now is the right time to announce the merger,” said Fred Tate Wools chief executive Peter Tate.

The four owners of the new company will be Henry and Andrew Hansen, Mr Tate and Nigal Moore.

“Together, our two companies have over 170 years of unmatched experience in wool trading and brokering.”

Fred Tate Wools was established in the early 1960’s by Peter’s father Fred, while the Gisborne Wool Company was started way back in 1894 by Henry and Andrew Hansen’s great grandfather William H Smith at Hexton.

“We are sure the combined service we will deliver to our Gisborne woolgrower clients will be second to none.”

Mr Tate said farmers will be well aware of the poor demand for New Zealand cross-bred wool over the last 6-9 months and the resultant falling prices.

The Market indicator has fallen around 40 percent from this time last year.

“Sheep farmers and their wool people are thinking this summer is going to be one to forget. But we believe our merger news is positive and exciting for the farmers of this district.”

Henry Hansen said over the last five to 10 years there has been a lot of noise made from other companies promising to “reinvent the wool wheel” and improve the return to farmers.

“We have to say they have all been universally unable to keep those promises. We will not promise farmers things that are unachievable in the modern trading environment,” he said.

“What we will do is continue to trade and broker wool through auction or privately for the best possible nett result to local farmers.”

The two companies combined will handle more than 25,000 bales of Gisborne-East Coast Wool.

“That will make us easily the biggest local wool trading and broking entity.”

Mr Tate and Mr Hansen said farmers would not notice any change in the people they now contact in regard to their wool.

“Same people, same contact numbers.”

All wool will be processed on site at the Gisborne Wool Co Ltd in Awapuni Road.

The new company begins trading on December 5.

“Now all that is required is for demand to return for beautiful East Coast wool!”

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