Mohawk Industries, Inc. has agreed to buy Pergo, a manufacturer of laminate flooring, for $150 million in cash.
The Calhoun, Ga.-based carpet maker announced today that it expects to close the purchase by the first quarter of next year, pending regulatory approval. Mohawk CEO Jeff Lorberbaum said the acquisition should add to company earnings next year.
Pergo’s sales in 2011 were approximately $320 million in the United States and Europe. Pergo has been a leader in laminate flooring technology, including unique patents on design and installation methods.
“Pergo is a leader in laminate flooring in the U.S. and Nordic countries with premium value added strategies,” Lorberbaum said in a statement. “This acquisition complements our specialty distribution network with Pergo’s strength in the U.S (do-it-yourself market.”
Read more in Tuesday’s Times Free Press
Dave Flessner is the business editor for the Times Free Press. A journalist for 35 years, Dave has been business editor and projects editor for the Chattanooga Times Free Press, city editor for The Chattanooga Times, business and county reporter for the Chattanooga Times, correspondent for the Lansing State Journal and Ingham County News in Michigan, staff writer for the Hastings Daily Tribune in Nebraska, and news director for WCBN-FM in Michigan. Dave, a native ...