Shares of Mohawk Industries (MHK) rose 4.9% in Friday's trading session. The producer of floor covering products in the United States and Europe announced its intention to acquire Italian-based Marazzi Group, in an attempt to create a world leader in ceramic tiles.
The Deal
Mohawk announced that it has agreed to acquire the Marazzi Group, a manufacturer and marketer of ceramic tiles. Mohawk will pay 1.17 billion Euro for Marazzi, the equivalent of $1.5 billion, in a combination of cash and equity.
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