Mohawk Industries (MHK) to Acquire Spano Invest in $168M Deal

January 28, 2013 7:08 AM EST
Mohawk Industries, Inc. (NYSE: MHK) has entered into an agreement to purchase Spano Invest NV, a Belgian panel board manufacturer, for €125 million ($168 million) in cash. Spano's 2012 revenues are estimated at approximately €180 million ($231 million). The business is expected to be slightly accretive in the first full year. This transaction is expected to close in the second half of 2013 and is subject to customary governmental approvals and closing conditions.

Spano manufactures and distributes chip and melamine board, which are used to produce furniture and building products primarily in the Belgian market. Spano became a leader in the chipboard industry in 1977 when it introduced the first continuous press operations, significantly increasing its production capacity. Today, Spano operates facilities in Belgium and has an electricity plant joint venture that converts waste wood into green energy.

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