USA, Panariagroup acquires Florida Tile

Feb 27, 2006

27/02/06 - After taking over the Portuguese ceramic company Novagres at the end of 2005, the Italian ceramic group Panariagroup has announced the acquisition of Florida Tile Industries, a US manufacturer and distributor of ceramic floor and wall tiles.
The agreement was stipulated with the American private equity fund Milestone Capital, owner of the majority shareholding in Florida Tile, through two specially-created American companies that are 100% controlled by Panariagroup.

The operation, worth a total of 22.5 million dollars, covered the Florida Tile brand, which has been operating in the American market for more than 50 years, a logistics centre and a production facility at Lawrenceburg, Kentucky, a distribution chain of 26 shops located mainly in the eastern states, more than 60 distributors, a production facility leased at Shannon, Georgia and a finished product warehouse.

According to Panariagroup’s chairman Giuliano Mussini, the acquisition will bring the group access to a key logistics/distribution channel in the important US market.
“In the short term the Group will partially substitute and supplement products sold by Florida Tile with products from the Panariagroup’s Italian and Portuguese factories,” commented Mr Mussini.
“Over a period of two years we plan to refurbish and extend at least one of the production factories and introduce advanced technologies to guarantee an improvement in productivity and technical and aesthetic quality of products and a wider product range.”
Following these operations, Panariagroup expects to reach a turnover of 90 million dollars in the US market in 2007.