Mohawk Plans to Buy Dal-Tile International
Rug and carpet maker Mohawk Industries Inc. said it will buy ceramics tile maker Dal-Tile International Inc. for about $1.4 billion in cash and stock in a bid to become a leader in the fast-growing ceramic tile sector.
In a deal announced late Monday, Mohawk said Dal-Tile, which makes floor, wall and mosaic tiles under the Daltile and American Olean brands, would allow it to offset declining carpet sales and offer the most comprehensive line of ceramic tile and stone products in the flooring industry.
Shares of Dallas-based Dal-Tile were up $3.87, or 21.9%, to $21.47 on the NYSE. Shares of Mohawk, headquartered in Calhoun, Ga., fell $4.10, or 7.9%, to $47.28 on the NYSE.
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