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DEPA buys out 20% stake in Thai carpet firm

Feb '07
Dubai's biggest interior contracting enterprise Depa United Group PJSC (DEPA) has acquired 20 percent stake of Thailand Carpet Manufacturing Public Company as part of its global expansion plans.

DEPA CEO Mohannad Sweid and Thai firm's Managing Director Chalie Jangvijitkul signed an agreement for the acquisition in Thailand.

According to Chalie, both companies have a common vision in providing good quality products to rich markets. Tie up with a reputed company like DEPA shows that the Thai firm's business operations and products have achieved international standards.

Thailand Carpet Manufacturing Public Company plans to double its production capacity and raise its estimated turnover by 20 percent to AED108.9 million (US$29.7 million) during this year, through the agreement.

In order to double its annual production capacity from 2,40,000 square meters to 4,20,000 square meters in 2007, Thai firm will invest AED13.6 million ($3.7 million) in machinery.

Demand from premium markets will be satisfied by increasing production by 10 percent, through additional investment in hand-tufted carpet production. DEPA will be able to offer turnkey solutions for its clients more competitively by this agreement, thus serving them better.

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