Mohawk Industries acquires Mexico’s Vitromex

Both companies are well-known manufacturers of ceramic and porcelain coatings for commercial and residential use in Mexico.

Following a thorough analysis of the case, COFECE concluded that the operation would not pose a risk to competition. With the acquisition of Vitromex, Mohawk complements its portfolio and strengthens its presence in the Mexican market.

Vitromex is one of the main players in Mexico and has a presence in the United States market. Mohawk is a public company listed in the New York Stock Exchange that operates in 19 countries and has commercial presence in more than 160 countries.

Mohawk reported sales of approximately $11.7 billion in 2022.

Commenting on the acquisition, Jeffrey S. Lorberbaum, Mohawk’s chairman and CEO, stated: “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. Ceramic tile is the primary flooring utilized in Mexico, and the market has grown approximately eleven percent in pesos per year over the past five years”.

“Combined with Vitromex, we will offer our customers a complete array of residential and commercial products at all price points with enhanced service capabilities. Vitromex is one of the most highly regarded brands in the Mexican market and is recognized as a leader in innovation and design. We are pleased to welcome their talented team into the Mohawk global ceramic business,” he added.

The competition and antitrust team of Mexican law firm Basham, Ringe y Correa acted as advisor to Mohawk in the pre-merger review process before COFECE, working in conjunction with the company and demonstrating the potential positive effects on competition dynamics that the operation implies.

Basham’s team was led by Rodrigo Gardner y Carlos Velázquez de León, and who was assisted by senior associate León Jiménez and junior associate Juan María López Cortina.