CALHOUN, Ga., Jan. 10, 2013 /CNW/ - Mohawk Industries, Inc. (NYSE: MHK) today announced that it has completed the acquisition of Pergo, a leading manufacturer of premium laminate flooring. The transaction was previously announced on October 29, 2012. The total value of the acquisition was $150 million in cash. In 2011, Pergo's sales were approximately $320 million in the U.S. and Europe.
In commenting on the closing, Jeffrey S. Lorberbaum, Mohawk's Chairman and CEO, stated, "We are pleased to expand our laminate offering with the highly regarded Pergo brand and designs that complement our existing laminate products. The acquisition aligns Unilin's strength with specialty flooring retailers with Pergo's depth in the U.S. DIY channel. In addition, Pergo enhances our geographic position and provides a platform to further leverage Unilin's patented technologies. The combination offers significant opportunities to optimize the assets of both companies while strengthening the design and product performance of both brands."
Certain of the statements in the immediately preceding paragraphs, particularly anticipating future performance, business prospects, growth and operating strategies and similar matters and those that include the words "could," "should," "believes," "anticipates," "expects," and "estimates," or similar expressions constitute "forward-looking statements." For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ: changes in economic or industry conditions; competition; inflation in raw material prices and other input costs; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company's products; impairment charges; integration of acquisitions; international operations; introduction of new products; rationalization of operations; tax, product and other claims; litigation; and other risks identified in Mohawk's SEC reports and public announcements.
Mohawk is a leading supplier of flooring for both residential and commercial applications. Mohawk provides a complete selection for all markets of carpet, ceramic tile, laminate, wood, stone, vinyl and rugs. These products are marketed under the premier brands in the industry including Mohawk, Karastan, Lees, Bigelow, Durkan, Mohawk Home, Daltile, American Olean, Pergo, Unilin and Quick-Step. Mohawk's international presence includes operations in Australia, Brazil, China, Europe, Malaysia, Mexico and Russia.
SOURCE: Mohawk Industries, Inc.
For further information:
Frank H. Boykin, Chief Financial Officer, +1(706) 624-2695