Amorim Buys Stake in US Floors

Dalton, GA, Jan. 7, 2009--Amorim Revestimentos has acquired 25 percent of North American distributor of cork flooring US Floors for $10 million.

The transaction took place Dec. 31.

“With this investment in our company, we are securing a partner who can give us the guaranteed supply of the cork raw material as well as finished products, help us with the technological know-how in the manufacturing of cork flooring in our brand new plant in Dalton, GA and strengthen our position in the US market even further by making us a fully vertically integrated cork manufacturer, said US Floors CEO Piet Dossche.

Amorim is the leading cork producer in the world. It owns the Wicanders Group, which produces cork flooring from post-industrial cork.

According to Amorim, US. Floors has been "one of the most relevant distributors of cork flooring in the U.S. market over the last 10 years." the reports said.

The company said that given the size of the U.S. market and what it can offer in the medium term, it was felt that this partnership will be crucial to growth in the U.S.