Olam discards all shares in Australian wool business

It has sold all its interests to Quality Wool.

Olam International today revealed that it is discarding its Australian wool business for an undisclosed amount. It has sold all its shares in Western Wool Marketing, a business it acquired in 2008, to Quality Wool, a privately-owned Australian livestock marketing company.

Olam Australia Executive Director and Country Head, Bob Dall’Alba, said the sale of Western Wool Marketing to Quality Wool was in line with Olam’s global strategy exiting non-core operations and selectively pursuing growth opportunities.

“Olam has been a keen participant within the Australian wool industry. However, given Olam’s strategy to optimise our Natural Fibres business, and the fact that Olam’s wool business has been a niche operation restricted to Australia, we decided to exit the business with the sale of Western Wool Marketing,” he said.