The Woolmark Company and TextileSolutions today signed a letter of intent to develop, an independent e-trading platform for wool fabrics and yarns. WoolXchange will be a global, Internet-based trading platform for wool fabrics and yarns open 24-hours a day/seven days a week. This flexible e-marketplace will allow participants to trade in securely in both an open environment and in private customer-supplier networks. The Woolmark Company is a world leader in textile innovation, branding, and marketing, and operates in over 25 countries with close industry connections and networks through all stages of the wool textile pipeline. It also owns TextileSolutions has already established a robust and secure electronic trading system for textiles. "TextileSolutions is proud that Woolmark has chosen us as the developer of the WoolXchange" said Tommy Lowback, CEO of TextileSolutions. "The Woolmark Company selected TextileSolutions based on our technically advanced global approach to sales, and we are very happy for this opportunity. "TextileSolutions gives Woolmark® and the WoolXchange the technical expertise and the marketplace knowledge to provide industry players the access, security, and speed required in this rapidly evolving space," said Johann Mittermayr, Woolmark's director of sales for Europe. is expected to be operational by the end of the year.