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 tiles for commercial and residential use in Mexico, belonging to Grupo Industrial Saltillo.
The transaction, which closed on March 1st, 2023, includes the sale of all the shares of Vitromex USA and Manufacturas Vitromex to Mohawk and its subsidiary in Mexico Dal-Tile México Comercial. The value of the transaction amounted to approximately 300 million dollars.
The operation was led by the Monterrey Partners Carlos Velázquez de León and Rodrigo Gardner (Corporate M&A). Our team advised Mohawk in the structuring of the operation, due diligence, preparation, and negotiation of transactional documents, authorization process before COFECE, and closing of the operation, working jointly with the company, and demonstrating the potential positive effects on the processes. of competition and free concurrence that the operation implies.
In this regard, 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 a satisfied client.”
For his part, Mark Duggan, Mohawk's CFO, added: "Basham was a great support in providing legal advice and handling this transaction from day one. Their coordination and great efforts got us through the finish line successfully. A true full turn-key law firm"
The valuable participation of the Partners Gerardo Nieto (Tax), Amilcar Peredo (Economic 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 (Economic Competition), among others.
About Mohawk Industries
Mohawk Industries is the world's leading manufacturer of flooring and is a public company listed on the New York Stock Exchange with a business 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.