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Family unravels wool empire
1 Jun 2004
One of Australia's oldest family businesses will be split into two. Three family members have taken over Michell Australia's core wool operation, while more than 30 other family members will keep the other businesses - mainly leather and commercial property.
Michell Australia was founded in 1870 by George Michell as a one-man business in the mid-north of South Australia. It's now one of the world's largest exporters and processors of wool and leather, with customers in more than 40 countries. The wool operation has 115 employees and is expected to turn over $150 million in its first year as a stand-alone business. David Michell said times have been tough in the wool industry, with the drought making a severe impact.
The terms of the deal, which involves an asset swap, have not been disclosed. It's expected that no jobs will be lost and both companies will remain based in Adelaide.
Herald Sun, 1/6/04.
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