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Wool marketers at odd over pension problem
4 May 2006
Woolmark said its planned merger with industry research and development body Australian Wool Innovation would not go ahead if AWI had to take on Woolmark's British pension fund liability. AWI and Woolmark's parent, Australian Wool Services (AWS), were formed in 2000 when the Government privatised the Australian Wool Research and Promotion Organisation. The AWS still has responsibility for the British superannuation fund for about 130 current and former employees, which the AWS chair said was "a multimillion dollar financial millstone around our necks."
Daily Telegraph, 04/05/06
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