Wool handover now official

NATIONAL: After months of legal wrangling,  Australian Wool Innovation's (AWI) takeover of Australian Wool Services (AWS) has finally been completed.

The announcement, made via a statement to the press this morning (October 5), sees AWS's core assets - including the Woolmark Company, trade mark and associated brands - taken over by AWI.

The transfer of assets following a protracted due dilligence period, was made possible by $15 million of federal government funding. At the AWS general meeting in August more than 98 percent of shareholder votes supported the move.

As part of the purchase the Ian McLachlan-led AWI board will get around $17 million in revenue from its new businesses, the bulk of which will come from the Woolmark licensees most of which have been renewed despite the disruption.

AWS chairman Barry Walker said his board had been very "single minded" about retaining the core assets in the hands of Australian woolgrowers.