Process Management

News 143 views last update:6 Aug 2012

ABB Grain to enter wool market

ABB Grain is seeking a foothold in the wool market by buying the Adelaide Wool Company (AWC).

AWC is jointly owned by the Hackworth and Amos families and is the second biggest wool company in South Australia, holding a 16% share of the market. The company also has depots and wool stores in Victoria and New South Wales.

Time to sell
Majority shareholder Adrian Hackworth says after 40 years in the family, the decision to sell was not made lightly. "In the current climate that we're in, when a business like that is worth something, that is the time to sell," he said. "Also, the reasons in favour of getting out of it would be too much exposure to risk when you operate from a private company."

The deal is expected to be finalised in early April.

Related websites:
ABB grain
Adelaide Wool Company

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