Doubling Down on Hospitality, Tarkett Agrees to Acquire Lexmark
Aiming to boost its market share within the competitive hospitality industry, global flooring specialist Tarkett has agreed to acquire 100 percent ownership of Lexmark, the Dalton, Georgia–based broadloom carpeting manufacturer.
“The acquisition of Lexmark will position Tarkett as one of the leaders in the hospitality sector,” says Tarkett CEO Glen Morrison, adding that the purchase will also leverage Tarkett’s global presence “to enhance Lexmark’s positioning with key accounts worldwide.”
With annual sales of $120 million in 2017, vertically integrated Lexmark is a leading custom carpet source for North American hospitality specifiers, boasting quick turnaround times on its assortment of custom nylon and polyester broadloom. CEO Paul Cleary says the agreement will allow Lexmark to deliver “a larger choice of products and provide an even stronger offering.”
Financed through an existing credit facility, and subject to the usual regulatory approval and closing conditions, the acquisition is expected to be finalized by year’s end.