Mohawk to buy Italian tile maker - WRCBtv.com | Chattanooga News, Weather & Sports

Mohawk to buy Italian tile maker

DALTON, Ga. (AP) - Mohawk Industries is buying the Marazzi Group, an Italian ceramic tile manufacturer, for $1.5 billion in a combination of cash and equity.

The Calhoun, Ga.-based Mohawk, 1 of the world's largest floorcovering firms, announced the deal on Thursday.

The Daily Citizen in Dalton reports (http://bit.ly/XTzwMC) that Marazzi operates manufacturing facilities in Russia, the United States and Western Europe and employs about 6,300. Ceramic tile is among the world's most widely utilized flooring products, with an estimated worldwide consumption of more than 110 billion square feet and annual growth of 5% to 6%.

Mohawk officials say they expect the transaction to be completed in the first quarter of 2013, pending regulatory approvals.

 

Information from: The Daily Citizen, http://www.daltondailycitizen.com

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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