Through a combination of cash and equity, the transaction and acquisition of the ceramic tile group is expected to be complete in early 2013.
“This acquisition represents the next step in the expansion of Mohawk’s global business and will make Mohawk a stronger company,” said Jeff Lorberbaum, Mohawk’s chairman and chief executive officer. “We found Marrazi attractive because of its solid management team and leadership positions in the U.S., Russia and Europe. Marazzi’s differentiated products, leading-edge design, efficient manufacturing and exemplary service have created one of the most valued brands in the industry. We have many opportunities to improve results by leveraging best practices, operational expertise, product innovation and manufacturing assets.”
Acquisition of the group provides the Calhoun based flooring company to compete with ceramic tile imports in facilites located in Mexico, China and Europe, according to Mohawk.
Founded and managed by Filippo Marazzi, Sr. and his family, the Marazzi Group has become a global leader in ceramic tile with worldwide brand recognition.
Marazzi introduced the single fire process that revolutionized the industry, making ceramic more accessible to a wider market. Marazzi operates manufacturing facilities in Russia, the United States and Western Europe and employs around 6,300 people.
“The combination of Mohawk and Marazzi creates opportunities to expand U.S. distribution through service centers and other channels, source ceramic from our worldwide assets, utilize our relationships to expand all product categories and deploy leading innovation and design trends to all of our ceramic businesses around the globe,” said Lorberbaum. “Mohawk & Marazzi’s strong management and solid financial position combined with process and material knowledge, distribution expertise, and synergies with other products will deliver additional value to our shareholders.”
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