Mohawk Industries, Inc. has agreed to buy Pergo, a manufacturer of laminate flooring, for $150 million in cash.
The Calhoun, Ga.-based carpet maker announced today that it expects to close the purchase by the first quarter of next year, pending regulatory approval. Mohawk CEO Jeff Lorberbaum said the acquisition should add to company earnings next year.
Pergo's sales in 2011 were approximately $320 million in the United States and Europe. Pergo has been a leader in laminate flooring technology, including unique patents on design and installation methods.
"Pergo is a leader in laminate flooring in the U.S. and Nordic countries with premium value added strategies," Lorberbaum said in a statement. "This acquisition complements our specialty distribution network with Pergo's strength in the U.S (do-it-yourself market."
Read more in Tuesday's Times Free Press