Mannington Mills, one of the largest flooring companies in the US last week completed its acquisition of leading UK-based manufacturer, Amtico International.
Coventry-based Amtico produces high-quality luxury vinyl flooring products transferred to Mannington Mills’ ownership on March 5.
Russel Grizzle, president and CEO of the Salem, New Jersey-based company said: “The acquisition of Amtico not only brings a world class organisation into the Mannington family, but also expands the company’s global market reach as well as the scope of its domestic manufacturing capabilities.”
Amtico International CEO, Jonathan Duck said: “We look forward to being part of the Mannington organisation, and bringing together a wider product range, local manufacturing and excellent design for the benefit of all our customers.”
Mr Grizzle added that Amtico will maintain its brand identity while becoming a Mannington subsidiary. Operations at all Amtico locations will continue. Amitco employs around 600 staff globally including around 270 in the West Midlands.
Amitco has successfully held its ground against competition from low cost manufacturers in China and the Far East and recently announced plans to repatriate some its own production which had been off-shored there. Amtico holds around 20% of the global market share in synthetic flooring.
The wealth management, asset management and private equity firm Robert W Baird & Co. served as the exclusive financial advisor to Mannington Mills during its acquisition of Amtico.
Mannington Mills was founded in 1915 and is the only North American company engaged in the manufacturing and marketing of residential and commercial resilient, laminate, hardwood and porcelain tile floors, as well as commercial carpet and rubber. The company is privately held and employs over 1,700 people.