Egyptian carpet firm 'to buy Belgian factories'
26th October 2009
Financial newspaper Al-Mal reported on Saturday that the firm - the largest machine-woven carpet maker in the world - is seeking to purchase the three factories before the end of 2009, Reuters notes.
This will enable the business to utilise the machinery and other equipment at the factories, which will then be moved to Egypt.
Funding for the project will be split between the company's own cash reserves and borrowed money.
Chief executive Officer Mohamed Khamis did not reveal how much the purchases would cost, Al-Mal stated.
Last week, a UK carpet firm said having the contract for the new Supreme Court in London helped it keep many of its employees in work through the worst of the recession.
Wilton Carpets produced a design that included the national flowers of England, Wales, Scotland and Ireland, the Salisbury Journal reported.
