Basham, Ringe y Correa, through its Monterrey office, advised Mohawk Industries ("Mohawk"), in the closing of the acquisition of Manufacturas Vitromex S.A. de C.V. ("Vitromex"), a Mexican manufacturer of ceramic and porcelain tile for commercial and residential use in Mexico, belonging to Grupo Industrial Saltillo.
The transaction, which closed on March 1, 2023, includes the sale of all of the shares of Vitromex USA and Manufacturas Vitromex to Mohawk and its Mexican subsidiary Dal-Tile México Comercial. The value of the transaction amounted to approximately US$300 million.
The transaction was led by Monterrey Partners Carlos Velázquez de León and Rodrigo Gardner (Corporativo M&A). Our team advised Mohawk in the structuring of the transaction, due diligence, drafting and negotiation of transactional documents, authorization process before COFECE, and closing of the transaction, working together with the company and demonstrating the potential positive effects on competition and free competition processes that the transaction implies.
Rodrigo Gardner commented: "It is an honor that Mohawk has placed its trust in us to be part of this important operation that consolidates its position as a leader in the ceramic tile market. It was a complex process that generated a result that is always gratifying, when we see that our work culminates in a successful closing and with a satisfied customer."
For his part, Mark Duggan, Mohawk's CFO, added: "...."
The valuable participation of partners Gerardo Nieto (Tax), Amilcar Peredo (Antitrust), David Puente (Labor MTY), Eduardo Castañeda (Intellectual Property), Francisco Matus (Tax), José Massas (Litigation), Roberto Serralde (Foreign Trade MTY), as well as associates Daniela Garza and Andrea Garza (Corporate M&A MTY), Carolina Nogal (Environmental), León Jimenez and Juan María López Cortina (Antitrust), among others, is highlighted.
About Mohawk Industries
Mohawk Industries is the world's leading manufacturer of flooring, is a public company listed on the New York Stock Exchange and has a commercial presence in more than 160 countries.
Its brands are among the most recognized in the industry and include American Olean, Daltile, Durkan, Eliane, Feltex, Godfrey Hirst, IVC, Karastan, Marazzi, Mohawk, Mohawk Group, Pergo, Quick-Step and Unilin.
In 2022, Mohawk reported sales of approximately $$11.7 billion.