Mohawk Industries has agreed to acquire Godfrey Hirst Group, a leading flooring company in Australia and New Zealand.<\/p>\n
Mohawk presently operates a comprehensive warehouse and sales network in\u00a0Australia<\/span>\u00a0and\u00a0New Zealand<\/span>\u00a0to distribute the company's\u00a0wood, laminate, LVT, vinyl and carpet products.<\/p>\n Godfrey Hirst<\/span>\u00a0is the most vertically integrated flooring operation in\u00a0Australia<\/span>\u00a0and\u00a0New Zealand<\/span>, providing broadloom, modular carpet and hard surface products for both residential and commercial applications.\u00a0Godfrey Hirst's<\/span>\u00a0sales were about\u00a0US$334 million<\/span>\u00a0in their most recent fiscal year, which ended\u00a0June 30, 2017<\/span>. The transaction is expected to be completed during the first half of 2018, pending customary closing conditions and regulatory approvals. Mohawk anticipates that the transaction will be accretive to EPS in the first twelve months.<\/p>\n Established in 1865,\u00a0Godfrey Hirst<\/span>\u00a0is a premier flooring manufacturer in\u00a0Australia<\/span>\u00a0and\u00a0New Zealand<\/span>\u00a0as well as the market leader in design and innovation. The company has been owned and operated by the McKendrick family for the last 50 years and will continue to be led by\u00a0R.G. (Kim) McKendrick<\/span>, the CEO and Chairman.<\/p>\n After decades of strong growth in\u00a0Australia<\/span>,\u00a0Godfrey Hirst<\/span>\u00a0acquired Feltex, which was the leading carpet manufacturer in\u00a0New Zealand<\/span>\u00a0in 2006. Today,\u00a0Godfrey Hirst's<\/span>\u00a0state-of-the-art operations and distribution assets are the most vertically integrated in the region. The company produces premium carpets of wool, nylon, polypropylene and triexta to satisfy all channels and price points. Its products are sold under the well-known\u00a0Godfrey Hirst<\/span>, Feltex and Hycraft brands through specialty retailers, home centers, architects and designers. In recent years,\u00a0Godfrey Hirst<\/span>\u00a0has expanded its product offering to provide a wide range of globally-sourced hard surface products, including LVT, wood and laminate.<\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":" Mohawk Industries has agreed to acquire Godfrey Hirst Group, a leading flooring company in Australia and New Zealand. Mohawk presently operates a comprehensive warehouse and sales network in\u00a0Australia\u00a0and\u00a0New Zealand\u00a0to distribute the company’s\u00a0wood, laminate, LVT, vinyl and carpet products. Godfrey Hirst\u00a0is … Continue reading