New Zealand’s Cavalier Buys Stake in Wool Scouring
Wellington, New Zealand, August 31--Cavalier Corp., a New Zealand carpet maker, Tuesday said it will increase its wool scouring capacity by buying a 50% stake in a South Island company.
The company said in a statement that it bought the stake in Canterbury Woolscourers Ltd., through its 92.5% owned unit, Hawkes Bay Woolscourers Ltd. It didn't reveal the cost of the stake.
Hawkes Bay Woolscourers will take a direct management role in the company as Canterbury Woolscourers consolidates two wool scouring businesses over the next nine months, Cavalier said.
Following an upgrade and increase in capacity, Canterbury Woolscourers' facility will be "among the most modern and sophisticated in the country," Cavalier said.
Canterbury Woolscourers is expected to have total assets of around NZ$13 million upon the completion of the planned restructuring and plant upgrades, Cavalier said.
