Oriental Weavers To Buy Three Belgian Factories

Cairo, Egypt, October 25, 2009--Egypt's Oriental Weavers said it will buy three Belgian textile factories to take advantage of their machinery and equipment, Egypt's Al-Mal financial newspaper said on Sunday.

Oriental Weavers, the world's biggest machine-woven carpet producer, will sign the acquisition contracts before the end of the year, the newspaper said. It added that Chief Executive Officer Mohamed Khamis did not disclose the acquisition cost.

The purpose of the investment is to utilise the factories' machinery and equipment, which Oriental Weavers will move to its Egyptian factories after signing the contracts, the newspaper said.

Half of the venture will be financed through debt, while Oriental Weavers will cover the rest, Al Mal quoted Khamis as saying.

The company exports its carpets to over 100 countries.