CALHOUN, Ga. -- Mohawk Industries Inc. has agreed to purchase the Vitromex ceramic tile business from Grupo Industrial Saltillo for approximately $293 million in cash. 

The transaction is expected to close in the second half of 2022 and is subject to the approval of GIS’s shareholders, as well as customary government approvals and closing conditions. The Vitromex business is expected to be accretive to Mohawk’s earnings.

Vitromex was founded in 1967 and includes four manufacturing facilities in Mexico. itromex has built a leading position in the $1.7 billion (2.9 billion square feet) Mexican ceramic tile market with a broad distribution network and a product offering that includes glazed ceramic, porcelain, mosaics and decorative tiles. In 2021, Vitromex generated revenues of approximately $204 million.

“In the past decade, we have significantly increased our participation in the Mexican ceramic tile market, including developing a world-class organization and constructing a state-of-the-art facility in Salamanca,” said Jeffrey S. Lorberbaum, Mohawk’s chairman and CEO. “Ceramic tile is the primary flooring utilized in Mexico, and the market.”