Bremworth in U-turn on synthetics
Former Bremworth chief executive Greg Smith favoured strong wool carpets over synthetic carpets, but the company will go back to manufacturing both. PHOTO: TIM CRONSHAW
New Zealand carpet manufacturer Bremworth has done a U-turn a few weeks after the departure of former CEO Greg Smith to announce it will go back to making synthetic carpets.
The listed company told NZX on Friday it would be reintroducing synthetic carpet to its wool carpet manufacturing in response to feedback from its major partners.
Bremworth said this would improve its factory output from greater volumes of carpet being produced.
Under Mr Smith's nearly four-year leadership he championed a shift to a wool-only strategy and introduced 10-year strong-wool contracts.
He stepped down with his final day on April 30, replaced by interim chief executive Craig Woolford for a year until a successor is found.
Bremworth plans to restart producing synthetic carpet at its Auckland site in the next financial year.
In an NZX statement, the company said the move would allow it to better meet the expectations of major carpet retailers in New Zealand and Australia, who had expressed a preference for it to return to supplying both wool and synthetic carpets.
"The new synthetic range, which will initially comprise a small, but carefully curated, number of products, will be distributed under a separate brand to distinguish these products from its Bremworth-branded all-wool products," it said.
Bremworth expects this will be achieved without new capital expenditure as the company already has the equipment and capability within the existing business.
A minor increase in headcount is likely to support the lift in carpet manufacturing.
Bremworth said it remained committed to growing and strengthening its wool carpet segment, which was expected to be assisted by the broader production base.
Mr Smith's departure follows a board reshuffle in March. Rob Hewett is the new chairman.
tim.cronshaw@alliedpress.co.nz
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