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Oriental Weavers mulls expansion

15
Mar '10
As demand for its products reveal a surge, Oriental Weavers a carpet producer is expected to shell out 39.5 million Egyptian pounds for the land and assets of a textile firm which is yet to be started, but is located strategically, next door.

Oriental Weavers which is the world's biggest machine woven carpet producer sells 45 percent of its goods in the domestic markets and the rest of the carpet production is exported to over 100 countries, worldwide.

Revealing details, Haitham Moneim, Investor Relations Manager at Oriental Weavers told fibre2fashion, “This planned acquisition of the Rosetex facility, which is located next door, is part of Oriental Weavers expansion strategy.

“Currently Rosetex has no production capacity and what we targeting is the land and Rosetex infrastructure and given that it is located next to OWI, that will allow for further enhancements in production process, due to the vertical integration model of OWI.

“So the plan for the acquired plant will be to have a fully automated warehouse and to add supporting finishing lines like sheering, packing, etc and the acquisition of Rostex is subject to approval in the AGM on March 21”, he concluded by saying.

Fibre2fashion News Desk - India


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