Cavalier Corp. is hoping an increase of wool coming onto the market during main shear will arrest a spike in prices of coarse wool in a market where the carpet maker has limited ability to raise its own prices.
The carpet-maker's shares fall 21 cents to $1.55 on the NZX and have shed almost 20% this year.
Cavalier Corp is closing a yarn spinning plant in Onehunga, where about 90 people are employed.
Sign up for NBR subscriber content or email alerts
The easiest way for subscribers to stay logged in is to click the "Remember Me" option on the Member Log In box on the top right of this page.