Oriental Weavers Buys Textile Firm

Cairo, Egypt, March 1, 2010--Egyptian carpetmaker Oriental Weavers said it will buy land and assets of a startup textile firm as demand in its export markets picks up.

The board of Oriental Weavers, the world's biggest machine woven carpet producer, approved the acquisition of Rosetex last week.

Rosetex's 65,000 square meters of land is located near Oriental's main facility  just outside Cairo.

OW will pay 39.5 million Egyptian pounds for the property.

Oriental Weavers is financing the acquisition in full, and expects Rosetex's operations to begin within a year.