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April 3, 2013 /PRNewswire/ -- Mohawk Industries, Inc. (NYSE: MHK) today announced that it has completed the acquisition of the Marazzi Group for approximately
$1.5 billion with a combination of cash and equity giving Mohawk the leading position in worldwide ceramic tile. The Marazzi Group is a global leader in ceramic tile with worldwide brand recognition and 2012 revenues of about €858 million. Marazzi operates manufacturing facilities in
the United States and
Western Europe and sells to more than 100 countries around the world. Marazzi manufactures all types of tile including glazed ceramic, glazed porcelain, technical tile and color body porcelain.
In commenting on the closing,
Jeffrey S. Lorberbaum, Mohawk's Chairman and CEO, stated, "The Marazzi acquisition continues the expansion of Mohawk's global business and will make us an even stronger company. Marazzi's innovative products, leading-edge designs, efficient manufacturing and excellent service have created one of the industry's most valuable brands. With the combination, we have many opportunities to improve our ceramic performance by leveraging best practices, operational expertise, product innovation and manufacturing assets across the enterprise."
Marazzi holds the number one position in the Russian ceramic market through a unique model that optimizes its total supply chain from manufacturing to distribution to retail. In the U.S., the combined manufacturing expertise, design capabilities and distribution systems of Marazzi and Mohawk will satisfy all residential and commercial requirements. In
Europe, Marazzi has maintained its innovation and design leadership throughout the cycle and improved efficiency aligning its capacity to the market. Additional investments are planned to further grow sales, enhance design capabilities and improve efficiency.
Lorberbaum said, "The addition of Marazzi will allow us to expand our U.S. distribution, source ceramic tile from our worldwide base, and provide industry leading innovation and design to all of our global ceramic customers. With our solid financial position, manufacturing and distribution expertise, and international participation in all flooring categories, Mohawk is positioned for long term growth to maximize shareholder value."