Mohawk Industries Inc, a U.S. ceramic tile maker, will purchase Italian ceramics manufacturer Marazzi Group for about $1.5 billion to boost its position in the United States, Russia and Europe.The worldwide consumption of ceramic tiles is estimated to be more than 110 billion square feet, growing at 5 percent to 6 percent annually, Mohawk said.The Marazzi Group, which distributes ceramic tile in more than 100 countries, had revenue of about $1.16 billion in 2011, Mohawk said in a statement on Thursday.Italy's Marazzi family owns 51 percent of the group, while the rest is held by private equity funds Permira and Private Equity Partners.
Mohawk Industries, Inc. (Mohawk) is a producer of floor covering products for residential and commercial applications in the United States and residential applications in Europe. Shares of MHK traded higher by 3.29% or $2.77/share to $87.04. In the past year, the shares have traded as low as $57.16 and as high as $89.28. On average, 519305 shares of MHK exchange hands on a given day and today's volume is recorded at 885953.
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