Mohawk Files 8-K with SEC, Addressing Likely Impact of Covid-19 on Business
Calhoun, GA, March 30, 2020-Mohawk made the following 8-K filing with the U.S. Securities and Exchange Commission (SEC) on March 27.
The filing speaks to changes to the company’s outlook as a result from the Coronavirus pandemic.
“Mohawk Industries, Inc. (“Mohawk” or the “Company”) is providing the follow update on business conditions, actions being taken in response to the COVID-19 pandemic and the strength of its balance sheet. The spread of COVID-19 is having an increasing impact on the economies where the Company operates around the world. The broad measures being taken by governments, businesses and others across the globe to limit its spread are adversely affecting the Company and its customers. The ultimate magnitude the COVID-19 pandemic will have on the Company’s operating results will be determined by the length of time it continues to spread, as well as governmental regulations and other measures taken in response.
“Due to these factors impacting the Company’s manufacturing, employees and demand, parts of the Company’s operations have curtailed or suspended production, with Europe being the most impacted in the first quarter. Presently, most of the facilities which have suspended operations are satisfying customer demand by delivering products from existing inventories. In the United States, a small plant in Pennsylvania has been closed due to local state restrictions. Given these disruptions, Mohawk’s financial results for the first quarter of 2020 will be lower than previously expected.”
The full report is available here.