Mohawk's Acquisition of Godfrey Hirst Delayed to Q3

St. Louis, MO, May 30, 2018-Analyst Stifel reports that Mohawk’s acquisition of Godfrey Hirst, slated for the end of May, will be delayed.

Godfrey Hirst is Australia’s largest carpet manufacturer, and Mohawk’s intention to purchase the firm was announced in November 2017.

Says Stifel, “There are numerous regulatory filings that have yet to be completed, and it now looks like the acquisition will slide into the third quarter as opposed to closing in late May…We have no concerns that there is an issue with an ultimate closing.”

Godfrey Hirst was established in 1865. The company has been privately owned by the McKendrick family for about 50 years and has global sales of $334 million (in U.S. dollars).

It is the world marketshare leader in tufted wool and also sells PET and PetProtect products in Australia.

Godfrey Hirst’s U.S. operations are headquartered in Adairsville, Georgia, and its U.S. sales organization is comprised of 70 direct sales employees.