Mexico City, February 17, 2023.
On February 16, the Federal Economic Competition Commission («COFECE» for its acronym in Spanish) approved the acquisition of Manufacturas Vitromex S.A. de C.V. («Vitromex») by Mohawk Industries Inc. («Mohawk»). Both companies are renowned manufacturers of ceramic and porcelain coatings for commercial and residential use in Mexico.
Following a thorough analysis of the case, COFECE concluded that the operation would not pose a risk to competition. With the acquisition of Vitromex, Mohawk complements its portfolio and strengthens its presence in the Mexican market.
Vitromex is one of the main players in Mexico and has a presence in the United States market. Mohawk is a public company listed in the New York Stock Exchange that operates in 19 countries and has commercial presence in more than 160 countries; in 2022, Mohawk reported sales of approximately USD$11.7 billion.
The competition and antitrust team of Basham, Ringe y Correa, S.C. acted as advisor to Mohawk in the pre-merger review process before COFECE, working in conjunction with the company and demonstrating the potential positive effects on competition dynamics that the operation implies.
Partner: Amílcar Peredo
Senior Associate: León Jiménez
Junior Associate: Juan María López Cortina