Mohawk Industries to Acquire Ceramic Tile Brand
“Vitromex is one of the most highly regarded brands in the Mexican market, and is recognized as a leader in innovation and design,” says Mohawk CEO Jeffrey S. Lorberbaum.
Founded in 1967, Vitromex has built a leading position in the $1.7 billion Mexican ceramic tile market with a broad distribution network and a product offering that includes glazed ceramic, porcelain, mosaics and decorative tiles. In 2021, the brand generated revenues of approximately $204 million US.
“Ceramic tile is the primary flooring utilized in Mexico, and the market has grown approximately 11 per cent in pesos per year over the past five years,” says Lorberbaum.
Vitromex includes four manufacturing facilities strategically located throughout Mexico. When combined with Mohawk’s current Mexican operations, including its state-of-the-art facility in Salamanca, this expanded footprint will enhance the company’s customer base, manufacturing efficiencies and logistical capabilities.
“Combined with Vitromex, we will offer our customers a complete array of residential and commercial products at all price points with enhanced service capabilities,” says Lorberbaum.
The acquisition, valued at approximately $293 million US, is expected to be complete in the second half of 2022.