Olam, which owns Queensland Cotton, initiated the export of wool from the world's largest grower and exporter of wool in October 2008 through QC.

It plans to advance its rural agri-commodity diversification agenda by accessing Western Wool’s established NSW wool marketing franchise.

QC chief executive Richard Haire said the purchase of Western Wool Marketing solidifies Olam's market position amongst the top 10 wool export companies in Australia.

"This business unit sits comfortably alongside our established footprint in rural commodity marketing and the aim is to provide an integrated full-service link between wool growers and end-users," Mr Haire said.

"Through Western Wool, the wool desk will be looking to provide a range of marketing options for wool growers including direct export pricing, hedge-to-arrive contracts as well as traditional auction services in both Sydney and Melbourne."

Western Wool former owner and now manager Patrick Bryne said that investing in country communities in NSW and Queensland would be a strong focus for the company.

He said the local staff in Parkes would be expanded to deal with wool clips transported from northern NSW and southern Queensland for warehousing at Parkes.

"This will be a major positive for local wool growers who will have direct links to exporters and millers through Queensland Cotton's export desk and experienced staff including current Australian Council of Exporters president Michael Avery," Mr Byrne said.

"We will be offering our clients and district wool growers a new range of marketing options to help maximise their wool return."