Mohawk buys Marazzi group
Mohawk Industries Inc. on Wednesday completed its $1.5 billion purchase of the Marazzi Group, giving the Calhoun, Ga.-based floorcovering manufacturer the leading position in worldwide ceramic tile. With manufacturing plants in Russia, Western Europe and the United States, Marazzi sells ceramic tiles in more than 100 countries around the world and last year generated nearly $1.1 billion in sales.
Mohawk CEO Jeffrey Lorberbaum said the cash and stock purchase "will allow us to expand our U.S. distribution, source ceramic tile from our worldwide base, and provide industry leading innovation and design to all of our global ceramic customers."
TVA raises rates for fuel expenses
The typical Chattanooga homeowner will pay $2.82 more this month for electricity because of the monthly increase in the fuel cost adjustment by the Tennessee Valley Authority. TVA raised the fuel cost portion of its electricity prices from 2.1 cents last month to 2.3 percent this month "because hydro power in April is generally about half of what is expected in March as TVA uses the water to refill its reservoirs for the recreation season," TVA spokesman Scott Brooks said. "TVA then has to replace the low-cost hydro generation with higher-cost sources."
EPB, the distributor of TVA power in Chattanooga, estimates the average residential bill this month will be $145.28, or nearly 2 percent more than last month.