CALHOUN, Ga. (AP) — Floorcovering company Mohawk Industries Inc. is buying Belgian panel board maker Spano Invest NV for $168 million in cash so that it can expand its product offerings.
Spano makes and distributes chip and melamine board, which are used to produce furniture and building products mostly in the Belgian market.
The deal is expected to close during the second half of this year.
Mohawk Industries Inc. is based in Calhoun, Ga.
Its shares finished at $102.47 on Friday after rising to a 52-week high of $102.52 earlier in the session. They are up 72 percent since hitting a low for the past year of $59.69 last March.
Copyright 2013 The Associated Press.