Mohawk To Acquire Belgian Panel Manufacturer
Calhoun, GA, Jan. 28, 2013 -- Mohawk Industries said it will purchase Spano Invest NV, a Belgian panel board manufacturer, for $168 million in cash.
Spano's 2012 revenues are estimated at approximately $231 million.
The deal is expected to close in the second half of 2013.
Spano manufactures and distributes chip and melamine board, which are used to produce furniture and building products primarily in the Belgian market.
Spano became a leader in the chipboard industry in 1977 when it introduced the first continuous press operations, significantly increasing its production capacity.
"The combination of Unilin and Spano will create significant synergies to bring greater value to our customers and broaden our product offering," said Mohawk CEO Jeffrey Lorberbaum.
"Spano expands not only our customer base with a focus on different channels of distribution, but also our knowledge and technical expertise, which we can leverage. Together, there are many opportunities to optimize manufacturing assets, raw materials, and production efficiencies. We look forward to bringing Spano's talented team into the Unilin family."