Calhoun, Ga.-based flooring manufacturer Mohawk Industries Inc. has taken a minority stake in one of China‘s top ceramic tile companies.
The investment in Sanfi Ceramics builds Mohawk’s global presence and allows the company to participate in a fast-growing market for ceramic tile, which makes up about 70 percent of all flooring sold in China, according to a Mohawk news release.
“This new business venture clearly reinforces our continued commitment to being a global manufacturer in the flooring industry. We are excited to partner with a world class company such as Sanfi,” said Jeffrey Lorberbaum, Mohawk Industries chairman and CEO.
Mohawk, which makes carpet, ceramic tile, hardwood and other types of flooring, will have the option to increase its equity investment in Sanfi in the future. The initial amount was not disclosed.
Sanfi started making tile in 2003 and is now one of the top 10 tile manufacturers in China. So far this year, the company is reporting a 50 percent increase in revenues compared to the same period in 2009.
For more information, visit www.mohawkind.com.