Mohawk’s buyout of Spano Invest OK’d
The European Commission this week approved Mohawk Industries’ acquisition of Belgian panel board maker Spano Invest, according to a Reuters recap of the EC’s daily decisions on mergers and takeovers.
The deal, which Reuters said was approved Tuesday, had been under review for a month. An effort to reach Mohawk for comment Wednesday was unsuccessful.
Mohawk is a leading supplier of flooring to residential and commercial markets. Spano, which Mohawk is acquiring for $168 million, manufactures and distributes chip and melamine boards used in furniture construction and as building materials. The company is majority-owned by Belgian holding company Ackermans & Van Haaren.
Spano was the most recent in a string of announced acquisitions by Calhoun-based Mohawk. Earlier this month, the company said it had completed its $1.6 billion buyout of Italian ceramic tile maker Marazzi Group.
The company also completed purchase of Swedish laminate flooring company Pergo for $150 million in January. Pergo has manufacturing facilities in Sweden and the U.S.
