Mohawk Industries, parent company of the Mohawk Group, recently announced it will acquire ceramic tile manufacturer the Marazzi Group for approximately $1.5 billion with a combination of cash and equity. Completion of the transaction is expected during the first quarter of the year pending customary closing conditions and regulatory approvals.
“This acquisition represents the next stop in the expansion of Mohawk’s global business and will make Mohawk a stronger company,” says Jeff Lorberbaum, chairman and CEO of Mohawk Industries. “We found Marazzi attractive because of its solid management team and leadership positions in the U.S., Russia, and Europe. We have many opportunities to improve results by leveraging best practices, operational expertise, product innovation, and manufacturing assets.”
With 2011 revenues of roughly $1.16 billion, Marazzi’s product line features glazed ceramic, glazed porcelain, technical tile, and color body porcelain. It’s manufacturing facilities and operations in Russia, the United States, and Western Europe employ around 6,300 people.
For more information, visit mohawkind.com