Mohawk
Industries, Inc. has expanded its international presence through an investment
of a minority interest in Sanfi Ceramics. Ceramic tile is estimated to make up
70% or more of all flooring sold in China
and is 25 times larger in units than the U.S. ceramic tile market, with
anticipated growth of 10% or more per year. The top 10 manufacturers in China
currently comprise about 10% of the market, creating significant opportunity
for expansion. This year, Sanfi has increased sales revenues about 50% from the
prior year by continuing its focus on the local market.
”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.
”Our
joining forces with Mohawk gives us access to the latest technology and a
partner with a history of excellence in selling and distribution. We are eager
to leverage our combined strength and expand our market presence,” said Chen
Xiongzai, chairman and CEO of Sanfi.
For more information, visit
www.Mohawkind.com.
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