Mohawk Industries

Mohawk Industries, Inc
Public
Traded as NYSE: MHK
S&P 500 Component
Industry Conglomerate
Founded Amsterdam, New York
United States (1878 (1878))
Headquarters Calhoun, Georgia, U.S.
Area served
 Worldwide
Key people
 Jeffrey Lorberbaum
(Chairman & CEO)[1]
Products Flooring
Revenue Increase $ 8.1 billion (FY 2015)[2]
Increase $ 1.4 billion (FY 2015)[2]
Total assets Increase $ 6.3 billion (FY 2012)[3]
Total equity Increase $ 3.7 billion (FY 2012)[3]
Number of employees
 34,200 (December 2015)[2]
Website MohawkInd.com

Mohawk Industries (NYSE: MHK) is an American flooring manufacturer based in Calhoun, Georgia, United States. Mohawk produces floor covering products for residential and commercial applications in North America and residential applications in Europe. The company manufacturing portfolio consists of soft flooring products (carpet and rugs), hard flooring products (ceramic tile, natural stone and hardwood flooring), laminate flooring, sheet vinyl and luxury vinyl tile. The company employs 34,200 in operations in Australia, Brazil, Canada, Europe, India, Malaysia, Mexico, New Zealand, Russia and the United States.

In 2015, Mohawk was recognized as the most used, top-brand familiarity, and top-quality rating carpet product by the Builder magazine.[4]

History

William Shuttleworth and his four sons arrived in the United States in 1875 and set up a carpet mill in the Hudson Valley upon arrival. After William Shuttleworth died, the four sons moved to Amsterdam, New York in 1878 and took over an empty factory there.[5] The company incorporated as the Shuttleworth Brothers Company in 1902.[6]

The company adopted the name Mohawk Carpet Mills (or Mohawk Mills, for short) in 1920, when it merged with McCleary, Wallin and Crouse, another mill in Amsterdam.[7] It became the country's sole weaver to offer an entire line of domestic carpets, also creating the industry's first textured design and sculptured weave.[6]

In 1956, Mohawk Carpet Mills merged with Alexander Smith, Inc. to become Mohasco Corporation, a company large enough to appear on the first Fortune 500 rankings. Mohasco faced competition from new tufted carpet operations in Georgia, which used synthetic fibers such as nylon and polyester rather than the traditional wool used in woven carpets. To compete in a changing industry, Mohasco gradually moved manufacturing south into the Carolinas and eventually Georgia. In 1963, the company turned some of its attention to furniture manufacturing.

Carpet manufacturing at the Amsterdam site ended by 1968 and the last corporate offices left by 1987.[5] In 1988, Mohasco was purchased by MHS Holdings in a leveraged buyout, and the company's carpet business was spun off from Mohasco to form Mohawk Industries.[7]

In 1992, Mohawk went public with its shared traded first on the NASDAQ Stock Exchange under the ticker symbol "NMS" and currently on the New York Stock Exchange under the ticker symbol "MHK."[8] Mohasco's remaining assets were sold to other investors, and the company was later dissolved. Through 2016, Mohawk Industries has acquired 34 companies into its conglomerate, and now operates manufacturing facilities in 15 countries—the U.S., Mexico, Brazil, Ireland, the U.K., Belgium, France, the Netherlands, Luxembourg, Spain, Italy, the Czech Republic, Bulgaria, Russia and Malaysia.[6] The company's present Chairman and CEO is Jeffrey Lorberbaum.

Mohawks brands include American Olean, Bigelow, Columbia Wood Flooring, Daltile, Durkan, IVC, Karastan, Kerama Marazzi, Lees, Marazzi, Moduleo, Mohawk, Mohawk Home, Pergo, Quick-Step and Unilin.[9]

Mohawk Industries, Inc. v. Carpenter

In 2009, it was involved in the Supreme Court case Mohawk Industries, Inc. v. Carpenter. The court found against Mohawk Industries, in a 9-0 decision.[10]

References

  1. ↑ "Mohawk Industries - Leadership". Retrieved 29 August 2013.
  2. 1 2 3 "Mohawk Industries 2013 Annual Report, Form 10-K, Filing Date March 27, 2015" (PDF). secdatabase.com. Retrieved July 29, 2016.
  3. 1 2 "Mohawk Industries 2012 Annual Report, Form 10-K, Filing Date Feb 27, 2013" (PDF). secdatabase.com. Retrieved August 29, 2013.
  4. ↑ "2015 BUILDER BRAND USE STUDY RESULTS". Builder. Retrieved 19 June 2015.
  5. 1 2 Daily Gazette
  6. 1 2 3 Funding Universe
  7. 1 2 Hudson Valley Ruins
  8. ↑
  9. ↑ "Mohawk Industries", Forbes, May 2015
  10. ↑ Oyez/org
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