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Oriental Weavers inks deal for Belgian textile factories

27
Oct '09
The Egypt based, Oriental Weavers, the worlds biggest machine-carpet manufacturer plans to acquire three textile factories in Belgium. It plans to strip the machinery and equipment and ship them back to Egypt.

The company has not revealed the acquisition cost, but will sign the buying agreement before the end of this year. 50 percent of the cost will be raised as debt and the rest will be generated from the internal accruals of the company.

Oriental Weavers is a fully vertically integrated group, with all the raw materials being manufactured by subsidiary companies of the group, which gives it a huge cost advantage versus other carpet manufacturers.

Fibre2fashion News Desk - India


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