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Mohawk adds to flooring portfolio
Mohawk Industries plans to acquire leading ceramic tile manufacturer The Marazzi Group.
The $1.5 billion acquisition will make Mohawk, a flooring industry leader best known for carpeting, the world leader in ceramic tile, according to the company. The Marazzi Group is said to be the leading manufacturer and marketer of ceramic tile in all its major geographies, including Russia, the United States, Italy, France and Spain, with 2011 revenues of nearly $1.2 billion. The deal is expected to close in the first quarter of 2013.
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Bed, Bath & Beyond Q3 profit up
New York -- Third quarter same store sales at Bed Bath & Beyond were negatively affected by Hurricane Sandy, but the nation’s leading home good retailer still managed to grow profits.
Bed, Bath & Beyond said net income for the third quarter ended Nov. 24, increased 1.8% to $233 million.
Sales increased 15.3% to $2.7 billion, largely due to two acquisitions earlier in the year, while same store sales advanced 1.7% and were negatively affected by an estimated .9% due to Sandy.