In a move that broadens its U.S. manufacturing base and global reach, local flooring manufacturer Mannington Mills announced Monday that it has acquired United Kingdom-based Amtico International, a manufacturer of high-quality luxury vinyl flooring products.
“This is a huge opportunity for Mannington,” said Keith Campbell, chairman of the board of Mannington Mills.
“It’s exciting because it opens up the opportunity for Mannington products to be sold worldwide.”
The purchase price was not disclosed.
Luxury vinyl tile is the fasted-growing segment in the flooring industry both in the residential and commercial markets, according to Campbell.
The acquisition of Amtico will allow Mannington to manufacture luxury vinyl tile in the U.S. It will also open up opportunities for Mannington to sell its products in markets were Amtico already has an established presence including throughout Europe and in the future in emerging markets in South America and along the Pacific Rim, according to Campbell.
“It makes us an international player. It will naturally allow us to expand into Amtico’s marketplace.”
Campbell also said the acquisition of Amtico will also help Mannington better weather downturns in the economy like what the U.S. has experienced in the past few years.
“Companies with a global presence have been able to weather the storm better,” he said.
Mannington has been in the luxury vinyl tile business for more than seven years, but imported the product from China. Monday’s move will allow Mannington to shift production of the tile back to the U.S. at plants currently operated by Amtico in Georgia. Production would also continue at Amtico’s plant in Coventry, England.
“We looked at the (luxury vinyl tile) market increasing and wanted to manufacture luxury vinyl tile ourselves and we certainly wanted to manufacture it in the U.S.” Campbell said.
Campbell said Amtico became available for sale and “we stepped up.”
The acquisition of Amtico makes Mannington the world’s largest manufacturer of luxury vinyl tile.
Mannington Mills one of the largest and oldest flooring manufacturers in the United States. It makes and markets residential and commercial resilient, laminate, hardwood and porcelain tile floors, as well as commercial carpet and rubber.
Amtico will maintain its brand identity and become a Mannington subsidiary. Current operations at all Amtico locations will continue, company officials said.
Mannington was founded in Salem City in 1915 by John Campbell and today Keith Campbell is the fourth generation of his family to run the privately-held company.
Mannington Mills employs more than 1,700 people at its corporate headquarters and manufacturing plant here and at six other sites in the South and in California.
Amtico International, based in Coventry, England is the world’s leading luxury vinyl tile company.
It manufactures luxury vinyl tile in its U.S. and United Kingdom plants and sells around the world under the “Amtico” and “Spacia” brands.
Amtico International, which employs more than 600 people — 200 in the U.S. and 400 in Europe — was founded in 1965 and became an independent business in 1995, owned by its management and outside investors.
“We look forward to being part of the Mannington organization,” said Jonathan Duck, CEO, Amtico International, “and bringing together a wider product range, local manufacturing and excellent design for the benefit of all our customers. This really is a great fit between two companies.”
“Amtico has long been recognized as the design, innovation, and performance leader in the luxury vinyl flooring category,” said Mannington Mills President and CEO Russell Grizzle.
“Its commitment to quality, customer service, sustainability and delivering exceptional value to the market fits seamlessly with Mannington’s core values.”
没有评论:
发表评论