Panariagroup Industrie Ceramica S.P.A., a publicly traded Italian corporation, has acquired the assets of Florida Tile Industries. Founded in 1974, Panariagroup is one of the world's leading manufacturers of ceramic tile. "With this transaction, we concluded a very important investment, not only in manufacturing but also in logistics and distribution, that otherwise would have required more financial effort and a longer time to be realized," said Giuliano Mussini, Panariagroup's chairman. Buck Burwell, Florida Tile CEO, said, "We're thrilled to be a part of Panariagroup's worldwide company. The Italians are the best in the world when it comes to tile. This transaction is very strong strategically and benefits all of Florida Tile's constituents in a huge way."
For additional information, call (202) 741-3663 or e-mail Srisner@milestonedc.com. The companies' websites are located at www.panariagroup.it and www.floridatile.com.