Wool carpet manufacturer Bremworth has reached a full and final settlement agreement with its insurers, related to claims for the loss of, or damage to, property, plant and equipment, and consequent business disruptions caused by Cyclone Gabrielle in February 2023.
The settlement amount has been agreed at $104.2 million, leaving $42.2m still to be paid by the insurers.
The company said the balance is expected to be paid by the end of February 2025.
Bremworth has already reinstated its Napier dyehouse and related services, as well as a yarn twisting line, with the reinstatement of other yarn-finishing equipment nearing completion.
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