May 3, 2013
/PRNewswire/ -- Mohawk Industries, Inc. (NYSE: MHK) announced today that it has completed the acquisition of Spano Group, a Belgian panel board manufacturer. The transaction was previously announced on
January 28, 2013
. The total value of the acquisition was €125 million in cash. In 2012, Spano generated estimated sales of €183 million.
In commenting on the closing,
Jeffrey S. Lorberbaum
, Mohawk's Chairman and CEO, stated, "The combination of Unilin and Spano will deliver greater value for our customers and expand our product offering. Spano extends our customer base into new channels of distribution and adds technical expertise and product knowledge which we can leverage across the segment. The significant synergies between Unilin and Spano create opportunities to optimize manufacturing assets and processes, raw materials and operational efficiencies. We look forward to welcoming Spano's talented team into the Company."
Certain of the statements in the immediately preceding paragraphs, particularly anticipating future performance, business prospects, growth and operating strategies and similar matters and those that include the words "could," "should," "believes," "anticipates," "expects," and "estimates," or similar expressions constitute "forward-looking statements." For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ: changes in economic or industry conditions; competition; inflation in raw material prices and other input costs; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company's products; impairment charges; integration of acquisitions; international operations; introduction of new products; rationalization of operations; tax, product and other claims; litigation; and other risks identified in Mohawk's SEC reports and public announcements.