Research and development company AgResearch has announced plans to buy the assets of textiles research firm Canesis Network.

Canesis, based at Lincoln near Christchurch, is focused on fibrous proteins, biopolymers and innovative textiles, and is 74.9% owned by Wool Equities (WEL) and 25.1% by the Wool Research Organisation (WRONZ) of New Zealand Trust.

AgResearch CEO Dr Andrew West said during the period of WEL and WRONZ ownership Canesis had divested Wool Interiors and other non-core capabilities, and had switched its focus to its core science and technology business.

"We wanted to acquire Canesis because its business is now so complementary to what AgResearch already does," said Dr West.

"We will combine AgResearch's on-farm knowledge of sheep with Canesis Network's off-farm knowledge of wool processing and products."

WRONZ Chairman Mike Petersen said: "With AgResearch acquiring Canesis we can more closely align on-farm R&D in wool production with off-farm R&D in wool processing and products.

"These two developments in wool marketing and R&D are particularly exciting, and demonstrate a growing confidence in the future of the wool industry, coming as they do on top of the industry and the Government's creation of the Wool Industry Network."

In a separate deal, AgResearch is currently negotiating with WRONZ to purchase the land and buildings occupied by Canesis at its Lincoln site.