Thailand Carpet Manufacturing Plc. (TCM) has completed the acquisition of Tai Ping Carpets’ commercial business. This acquisition deal marks Tai Ping’s strategic exit from the volume and machine-made commercial market to focus on the brand’s artisan roots, while consolidating 1956 by Tai Ping and Carpets Inter brands with TCM’s Royal Thai brand. With this agreement, TCM will be firmly positioned as the world’s largest producer of Axminster carpeting.
Tai Ping executives Bill Palmer and Mark Johnson have been named co-CEOs of the new Commercial Business.
The acquisition is a result of an alignment of interests between two of the carpet industry’s global giants. Tai Ping’s portfolio had expanded in recent years to include six individual carpet brands across multiple sectors. However, the company’s board, by consensus decided that Tai Ping would benefit strategically by narrowing its focus to a single area of targeted growth. Proceeds of the sale will serve to fuel Tai Ping’s renewed commitment to the core artisan business on which it has built its name for over 60 years.
The acquisition will consolidate the 1956 by Tai Ping brand under the Royal Thai banner, while Carpets Inter, with its strong brand equity in the carpet tile market, will continue under that name focusing on the corporate sector within the TCM organisation.
The sale comes at an opportune time for TCM, which is already keenly focused on ramping up their flooring business, spearheaded by their signature commercial carpet brand, Royal Thai.
Observing that the commercial divisions have been one of their great successes of the past decade, Tai Ping’s Sir Michael Kadoorie said they have full faith that TCM, under the leadership of Chairman Mr Pimol Srivikorn and his excellent team, will foster growth on a global scale and take these businesses to even greater heights.
Above Left is the Australian distributor for Carpets Inter and Royal Thai.
