Mohawk Industries, Inc. 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."
ABOUT MOHAWK
Mohawk Industries is a leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world. Mohawk's vertically integrated manufacturing and distribution processes provide competitive advantages in the production of carpet, rugs, ceramic tile, laminate, wood, stone and vinyl flooring.
