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Depa takes 20pc stake in Thailand carpet company

DUBAI — Dubai-based Depa United Group (DEPA), the region's largest interior contracting company yesterday announced that its worldwide expansion continued with the acquisition of 20 per cent of the Thailand Carpet Manufacturing Public Company.

The agreement aims to grow Thailand Carpet Manufacturing Company's projected 2007 revenue by 20 per cent to $29.7 million (Dh108.9 million) and double its production capacity.

The agreement was signed in Thailand in the presence of Mohannad Sweid, CEO of DEPA United Group and Dr Chalie Jangvijitkul, Managing Director of Thailand Carpet Manufacturing, who said, "DEPA and Thailand Carpet Manufacturing share a vision in offering high end, quality products for the upper levels of the market. Our clients recognise the value of quality and our partnership with a company like DEPA is a clear indication that our products and business practices are of international standards."

For DEPA the agreement allows it to service its clients better by being able to provide them with turnkey solutions more competitively. For companies, joining resources and business expertise opens the gateways into the markets of the Middle East, Europe and the United States and thus cement their leadership in the international carpet manufacturing and distribution business.