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Friday, December 21, 2012 - 8:00am

Mohawk Buys Italian Tile Maker

Mohawk Industries is buying the Marazzi Group, an Italian ceramic tile manufacturer, for $1.5 billion in a combination of cash and equity.

The Calhoun, Ga.-based Mohawk, one of the world's largest floorcovering firms, announced the deal on Thursday.

Marazzi operates manufacturing facilities in Russia, the United States and Western Europe and employs about 6,300 people. Ceramic tile is among the world's most widely utilized flooring products, with an estimated worldwide consumption of more than 110 billion square feet and annual growth of 5 percent to 6 percent.

Mohawk officials said they expect the transaction to be completed in the first quarter of 2013, pending regulatory approvals.

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