Tags: Mohawk | acquire | Marazzi | Italy

Mohawk Industries Agrees to Acquire Marazzi for $1.5 Billion

Thursday, 20 Dec 2012 07:59 PM

 

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Mohawk Industries, a flooring manufacturer, agreed to acquire Italian ceramics maker Marazzi Group for about $1.5 billion in cash and stock.

The transaction is expected to be completed in the first quarter of 2013 and boost earnings next year, Calhoun, Georgia-based Mohawk said Thursday in a statement.

The deal gives Mohawk a manufacturer and marketer of ceramic tile in the U.S., Russia, Italy, France and Spain, according to the statement. Marazzi, owned by the Marazzi family and investment firms Permira and Private Equity Partners, has revenue of $1.16 billion in 2011, according to the statement.

Mohawk fell 0.8 percent to $86.33 at 4:30 p.m. in New York. The shares had gained 45 percent this year.

© Copyright 2014 Bloomberg News. All rights reserved.

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