Mohawk Group reached an agreement in principle with IVC Group
Mohawk has entered into a definitive agreement to acquire IVC. IVC was founded in Belgium in 1997 and is a leading manufacturer of sheet vinyl, luxury vinyl tile (LVT), laminate and MDF. The laminate and MDF business is well known as Balterio and Spanolux.
Headquartered in Belgium, IVC operates manufacturing facilities in Belgium, Luxembourg and the U.S. IVC estimated revenues in 2014 were 700 million $. The company has five distribution centers in Russia and employs 1200 people in different countries, mainly in Belgium, Luxembourg and the U.S.
The acquisition of IVC expands Mohawk’s position as the world’s largest flooring manufacturer and extends its product lines to all flooring categories.
The acquisition is subject to regulatory approvals and the transaction is expected to be completed by about the end of the first quarter of 2015.