Mohawk Industries, Inc. (MHK) said Friday that it has completed the acquisition of Spano Group, a Belgian panel board manufacturer, for €125 million in cash.
The deal was previously announced on January 28.
In 2012, Spano generated estimated sales of €183 million.
Jeffrey Lorberbaum, Mohawk's Chairman and CEO, stated, "The combination of Unilin and Spano will deliver greater value for our customers and expand our product offering. Spano extends our customer base into new channels of distribution and adds technical expertise and product knowledge which we can leverage across the segment. The significant synergies between Unilin and Spano create opportunities to optimize manufacturing assets and processes, raw materials and operational efficiencies."
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