Calhoun, Ga. — Mohawk Industries (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 Russia, 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. Continue reading Mohawk Industries completes purchase of Marazzi Group
Deal creates world’s largest tile provider
By Matthew Spieler
Volume 26/Number 17; January 7/14, 2013
HICKSVILLE, N.Y.—After much speculation, Mohawk Industries got a new “toy” for the holidays as the company announced its purchase of Italy’s Marazzi Group for approximately $1.5 billion.
During an investor conference call, Frank Boykin, Mohawk’s CFO, said the acquisition will be financed through a combination of cash, stock and new financings. “We expect to use about $300 million in cash, $320 million in Mohawk stock and $900 million in new financings.” Continue reading Marazzi added to Mohawk’s stable of venerable brands
Modena, Italy — International tile manufacturer Marazzi Group has named Andrea Sasso managing director. Marazzi CEO Maurizio Piglione resigned from his position, which he held since 2009.
At the same time, Filippo Marazzi, major shareholder and president of the group, will offer strategic guidance to the firm.
Sasso worked for Elica Spa, a manufacturer of kitchen range hoods, as its managing director since 2007.
“Despite the crisis that has hit our industry and the economy in general, our group has been able to grow and succeed on the international markets by focusing on quality, innovation and education,” Marazzi said. “[Piglione] deserves our sincere thanks for the work he has done over these years.”
One of the great advantages for companies that make product both abroad and in the U.S. is the ability to control their fate. In the case of quality control, firms that manufacture here are able to shape their own destiny as they reassure customers that product will get to them in a timely—and profitable—fashion. Continue reading Advantage America: For mills, it’s all about being in ‘quality control’