QEP to Acquire Certain Assets of the Kraus Group
Boca Raton, FL, September 12, 2018-Q.E.P. Co. announced on September 11 that it has agreed to acquire certain assets of Kraus Group.
The Kraus Group announced that it was laying off workers at its Waterloo, Ontario factory, starting September 7.
Kraus released a statement saying, “Following an extensive marketing process, an agreement has been reached that will see Q.E.P. Co. Inc. acquire Kraus' hard surface and carpet tile distribution business. Kraus' broadloom manufacturing operations in Waterloo, Ontario, will cease operations.”
Kraus is a North American distributor of various hard surface flooring, carpet tiles and related accessories.
Kraus will operate as a business unit of Q.E.P. The deal is expected to be complete in early October 2018.