Australian agri-business firm Elders Rural Services is to close its wool processing facilities in Germany and Turkey as part of a restructuring.

Production at Bremer Woll-Kämmerei AG, which is Elders' international wool processing arm based in Bremen, Germany, will be closed "as soon as practically possible," according to a statement on the company's website.

Elders will instead focus its attention on Asia, where the vast majority of Australian wool is exported.

BWK Elders CEO Günther Beier said: "Our trading, including Lohmann, will be adjusted in line with this decision. All contracts will be honoured as per our agreement.

"As far as Man Made Fibres of BWK Chemiefaser is concerned, activities will be continued unchanged for the time being."

The high cost of processing wool in Europe is thought to be one of the reasons behind the decision to close the plants.