Mohawk announces acquisition of Vitromex
Tuesday, June 7, 2022 from Floor Covering Weekly
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Vitromex was founded in 1967 and includes four manufacturing facilities strategically located throughout Mexico. When combined with Mohawk’s current Mexican operations, this expanded footprint will enhance the company’s customer base, manufacturing efficiencies and logistical capabilities, Mohawk said. Vitromex added it has built a leading position in the $1.7 billion (2.9 billion square feet) Mexican ceramic tile market with a broad distribution network and a product offering that includes glazed ceramic, porcelain, mosaics and decorative tiles. In 2021, Vitromex reported that it generated revenues of approximately $204 million.
In commenting on the acquisition, Jeffrey S. Lorberbaum, Mohawk’s chairman and CEO, stated, “In the past decade, we have significantly increased our participation in the Mexican ceramic tile market, including developing a world-class organization and constructing a state-of-the-art facility in Salamanca. Ceramic tile is the primary flooring utilized in Mexico, and the market has grown approximately eleven percent in pesos per year over the past five years. Combined with Vitromex, we will offer our customers a complete array of residential and commercial products at all price points with enhanced service capabilities. Vitromex is one of the most highly regarded brands in the Mexican market and is recognized as a leader in innovation and design. We are pleased to welcome their talented team into the Mohawk global ceramic business. We will provide additional commentary on the Vitromex acquisition during our second quarter investor call.”