Wool Growers thrive amid global downturn
Written by Tom Van Dusen
Friday, January 17, 2020
The century old woolgrowers' co-op has seen sales rise even as global demand has dropped.
Carleton Place - Although it depends on an international
market which has been experiencing “rough ride”, Canadian
Co-Operative Wool Grower continues to post warm and fuzzy
numbers.
“Wool prices have been quite volatile which has created
chaotic conditions for mills and de-valued inventories,” says
CCWG General Manager, Eric Bjergso. “European processors have
reported consumer demand has dropped by more than 20 per cent due
to trade and economic uncertainty.”
Within this context, in the last fiscal, CCWG recorded gross
sales of more than $11.5 million representing an increase of 11.2
% over the previous fiscal while achieving net income of
$514,135 from all business operations.
In terms of wool production, a 9.7 % increase was
recorded.
Profitablility was up at CCWG retail locations across the land
to the tune of9.7 % over the previous discal year; as a result of
the respectable numbers, the board of directors once again
authourized a dividend payment o 7% to all shareholders.
During the 2019 Annual General Meeting, CCWG’s Eric Bjergso
(centre) mingles with representatives of Briggs & Little Woolen
Mills of New Brunswick which has been doing business with the
co-operative for more than 70 years.
Download the full story by Tom Van Dusen
Posted in Company News
