Mohawk to Acquire Vinyl, Laminate Flooring Supplier

January 14, 2015  by in Acquisition, Carpets / Rugs, Industry, Product   

Mohawk said it will acquire the company for about $1.2 billion through a combination of cash and equity. IVC’s operations in Europe and the U.S. have sales of about $700  million. The transaction is expected to be completed by the end of the first quarter of 2015, pending regulatory approvals.

The IVC Group was founded in Belgium in 1997 by Filip Balcaen, who is currently IVC's chairman and primary shareholder. IVC is a major sheet vinyl provider inEurope and the U.S. and is considered a leader in the growing luxury vinyl tile category.

The IVC acquisition positions Mohawk as a major participant in both the fast growing LVT category and the expanding fiberglass sheet vinyl business,” said Jeff Lorberbaum, Mohawk’s chairman and CEO. “Mohawk continues to utilize its strong management and balance sheet to increase its participation in the worldwide flooring industry. Today, Mohawk has leading brands and market positions in all flooring types, including ceramic, carpet, laminate, wood, sheet vinyl, LVT, stone and rugs. The U.S. market remains Mohawk's primary focus, comprising about 70% of our business, with expanding positions inMexico, Europe, Russia, Asia and Australia. The U.S. flooring market is expected to grow faster over the next few years, and we are well positioned to maximize our results. InEurope, our product offerings will satisfy all consumer preferences positioning us well as the economic recovery gains traction. The IVC acquisition strengthens Mohawk's position as a leading global flooring manufacturer and provides a platform for significant future growth."