Depa expands to Jordan, and takes a strategic stake in Jordan Wood Industries Company

This move, conducted by capital increase in order to expand JWICO's facilities, further solidifies Depa's foothold in the Jordanian market, and marks the first steps to establish Depa Jordan, scheduled for later this year.

Mr. Mohannad Sweid, CEO of Depa, commented,

"This acquisition, which continues our strategy of vertically integrating manufacturing and procurement, strengthens Depa's core manufacturing support and establishes its position in Jordan. We have confidence in JWICO's industry expertise and believe that our complementary strengths will allow us to provide our clients with competitive turnkey solutions".

Depa and JWICO have executed a number of fit-out projects in the past, such as Le Royal Amman and Sheraton Amman Al Nabil Hotel & Towers.

Mr. Najib Qubain, Chairman and General Manager of JWICO, commented: "Depa and JWICO share a vision in offering high quality products for high end customers. Our clients recognise the value of quality and our partnership with a leading company like Depa is a clear indication that our products and business practices are of international standards".

Depa has experienced significant growth over recent years.

This growth has been achieved, in part, through the establishment of operations in a number of jurisdictions and through acquisitions and entering into new joint ventures.

Depa has established new operations in a number of new geographic markets including Saudi Arabia, Qatar, Morocco, India and Libya.

It has also acquired stakes in joinery and manufacturing businesses, a procurement company and specialised interior fit-out businesses; which has facilitated the continuing backward integration of the supply chain.

JWICO, an Amman-based wood manufacturing specialist, supplies and provides solutions for wooden furniture to customers in Jordan as well as other countries, which include doors, kitchen cabinets, bedroom and office furniture. The company was founded by Mr. Najib Qubain in November 1975.

At the end of 1982, JWICO became a public shareholding company listed on the Amman Stock Exchange. Shareholders include American Lebanese Project Development Corporation, Jordinvest, and Industrial Development Bank.