Cavalier closes Auckland wool scour

Cavalier announced in July it was winding down the wool trading side of its merchant scouring operation, E Lichtenstein, and has now decided to close the existing Lichtenstein wool scour at Onehunga.

The company says it will enter a joint venture with David Ferrier based on Mr Ferrier's wool scouring facility adjacent to Cavalier's spinning plant at Awatoto in Hawkes Bay.

A sale and purchase agreement has been made for the scouring plant and equipment at Onehunga, and the company is not expecting to make any material asset write downs as a result of the closure there.

Cavalier's wool procurement business, Elco Direct, is not affected by these changes, and will now become a direct subsidiary providing a wool procurement service for Cavalier and other industry clients.

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