Australian wool growers to buy German processor

REUTERS

Melbourne: A shake-up in the Australian wool industry has spawned an ambitious plan by a group of wool-growers to buy control of leading German wool processor, Bremer Woll-Kaemmerei AG (BWK). The plan involves a cooperative of Australian woolgrowers using Australia's 1.1 million bale wool stockpile to become the second largest wool processor in the world by acquiring BWK, which is listed on the Frankfurt stock exchange. Klaus Gyrn, managing director of wool trading house BWK Australasia, told Reuters that he had heard of the proposal by a group of Australian woolgrowers to use the wool stockpile as collateral to buy into the German-based processor. But firm proposals had not been put to the Australian arm of BWK, he said. Australian Broadcasting Corp said the plan was first aired at a meeting of wool industry leaders in Canberra.

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