On 1 January 2001 AWRAP was converted into a new Corporations Law company owned by Australian woolgrowers called Australian Wool Services Limited (AWS). AWS has two principal subsidiaries:

TWC Holdings Pty Limited which wholly owns The Woolmark Company Pty Ltd, which will now operate as a commercial company seeking to generate a return for shareholders; and
Australian Wool Innovation Limited, which will now be responsible for Australian wool industry research and development and innovation.

Australian Wool Innovation Limited's research and development programs are aimed at improving wool grower profitability, through improving wool quality and productivity, improving the efficiency of wool processing and developing new wool products for consumers.

The nine objectives declared for AWI in the company constitution are to:

Receive funds from the Federal Government comprising proceeds from the wool levy and the Government R&D contribution;
Seek funds from other persons for research and development, innovation and other activities for the benefit of Australian woolgrowers;
Manage funds received and risks relating to the company's ongoing funding; Investigate and evaluate the industry's needs for R&D and innovation;
Provide funds for R&D and innovation;
Facilitate the dissemination, adoption and commercialisation of the results of R&D and innovation;
Manage, develop and exploit intellectual property from R&D activities, and to receive the proceeds of such development and exploitation;
Provide services to Australian woolgrowers; and
Engage in any other activities for the benefit of Australian woolgrowers.