Ceramic Industry News

Mohawk to Acquire Dal-Tile

Mohawk Industries Inc. will acquire Dal-Tile International Inc. for more than $1.4 billion, both companies recently announced. The merger, unanimously approved by the boards of both companies, also includes the assumption of $261.7 million in Dal-Tile debt. The deal is expected to be completed by the first quarter of 2002, pending shareholder and regulatory approval. Under the terms of the merger agreement, Dal-Tile stockholders will receive approximately 50% in cash and 50% in stock, comprised of $11 in cash and .2414 shares of Mohawk common stock for each share of Dal-Tile common stock. Based on the closing price of Mohawk stock on Monday, November 19, Dal-Tile shareholders would receive equivalent value of $23.10 per share in cash and Mohawk stock.

"The Dal-Tile merger gives us the opportunity to expand our hard surface business and become a leader in the ceramic tile sector," said Jeffrey S. Lorberbaum, president and CEO of Mohawk. Jacques R. Sardas, chairman and chief executive of Dal-Tile said the combined company "will have the opportunity to create a formidable organization in the floor covering industry."

For more information, visit http://www.daltile.com or http://www.mohawkind.com.

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