Mohawk Industries announced that the company has agreed to acquire Godfrey Hirst Group, a leading flooring company in Australia and New Zealand, further extending Mohawk's global position. Mohawk presently operates a comprehensive warehouse and sales network in Australia and New Zealand to distribute the company's wood, laminate, LVT, vinyl and carpet products.
Godfrey Hirst is the most vertically integrated flooring operation in Australia and New Zealand, providing broadloom, modular carpet, and hard surface products for both residential and commercial applications. Godfrey Hirst's sales were about $334 million in their most recent fiscal year, which ended June 30, 2017. The transaction is expected to be completed during the first half of 2018, pending customary closing conditions and regulatory approvals.
Established in 1865, Godfrey Hirst is the premier flooring manufacturer in Australia and New Zealand, as well as the market leader in design and innovation. The company has been owned and operated by the McKendrick family for the last 50 years and will continue to be led by R.G. (Kim) McKendrick, the CEO and chairman.
"This is a great opportunity for Godfrey Hirst, our employees, customers and suppliers," said McKendrick. "Mohawk and Godfrey Hirst share a long history as flooring industry leaders and a commitment to product innovation, design, and superior customer service. This common heritage in our cultures, performance expectations and focus on excellence will enhance our growth opportunities in both soft and hard flooring."
Jeffrey S. Lorberbaum, Mohawk's chairman and CEO, added, "Mohawk's strategy in Australia and New Zealand has been to build a leading position in the flooring market. Godfrey Hirst's marketing, manufacturing, and distribution leadership will complement our current hard surface distribution and strengthen our portfolio. We will leverage our global flooring resources and talent to support Godfrey Hirst's outstanding management and accelerate their growth strategies."