Mohawk Industries Reports Record Q4 And Full Year Results

CALHOUN, Georgia, Feb. 9, 2017 /PRNewswire/ -- Mohawk Industries, Inc. today announced 2016 fourth quarter record net earnings of $234 million and diluted earnings per share (EPS) of $3.13, a 22% increase versus prior year. Excluding restructuring, acquisition expenses and other charges, net earnings were $243 million, and EPS was $3.26, a 16% increase over last year's fourth quarter adjusted EPS. Net sales for the fourth quarter of 2016 were $2.2 billion, up 9% versus the prior year's fourth quarter as reported and 7% on a legacy basis applying constant days and currency rates. For the fourth quarter of 2015, net sales were $2.0 billion, net earnings were $192 million and EPS was $2.57; excluding restructuring, acquisition and other charges, net earnings were $210 million and EPS was $2.82.

For the twelve months ending December 31, 2016, net earnings and EPS were $930 million and $12.48, respectively. Net earnings excluding restructuring, acquisition expenses and other charges were $940 million, and EPS was $12.61, an increase of 24% over the twelve-month period adjusted EPS result in 2015. For the twelve-month period, net sales were $9.0 billion, an increase of 11% versus prior year as reported and 5.5% on a legacy basis applying constant currency rates. For the twelve-month period ending December 31, 2015, net sales were $8.1 billion, net earnings were $615 million and EPS was $8.31; excluding restructuring, acquisition expenses and other charges, net earnings and EPS were $756 million and $10.20.

Commenting on Mohawk Industries' fourth quarter and full year performance, Jeffrey S. Lorberbaum, Chairman and CEO, stated, "In the fourth quarter, our sales and earnings per share set records for the period. Our operating margin for the quarter rose to 14.0%, a 150 basis point improvement over the prior year and the highest fourth quarter result in the company's history.

"For the full year, Mohawk delivered an outstanding performance. Our revenues for the year rose to an all-time high, our EBITDA increased to $1.7 billion and we generated adjusted operating income of $1.3 billion, up 24% over the prior year, the highest in our history. In 2016, our capital investments were our most ever at approximately $670 million. In 2016 alone, process improvements from new methods, product re-engineering and equipment upgrades have increased our productivity by $140 million. To continue our growth, we will make even greater internal investments this year to expand capacity and enter new markets. We are also adding unique capabilities to introduce more differentiated products and anticipate even higher productivity improvements in the coming year.

"For the quarter, our Global Ceramic Segment sales increased 5% as reported and on a constant days and currency basis. Operating income for the segment rose approximately 17% as reported to an operating margin of 14%. Sales in our North American ceramic business improved with new construction, commercial and home center channels outperforming. Our new larger sizes, contemporary shapes and proprietary Reveal Imaging are enhancing our styling and sales growth. Our greenfield ceramic plant in Tennessee became fully operational in the period and should reach planned efficiency levels in the first quarter. We are introducing higher value products at the facility to improve the product mix in the plant. In Mexico, our sales grew significantly but will be constrained until our Salamanca expansion is completed later this year. In the U.S. and Mexico, we have announced price increases on selected products to offset inflation in labor, energy and materials. Our European ceramic sales and margins improved as we enhanced our product offering and style leadership. In Russia, we continue to outperform the market as we bring leading global design to the region. We are installing additional capacity to support the expected expansion of the Russian economy.

"During the quarter, our Flooring North America Segment's sales increased 10% as reported or 8.5% on a constant day's basis. Operating income grew 18.5% to a margin of 14.5% as reported, or 15% excluding restructuring, integration and other charges. Residential carpet sales improved despite decreased selling prices from channel mix and growth in polyester. Our price increase of 3 to 5% to cover rising costs is being implemented in the first quarter. We are introducing SmartStrand Silk Reserve, which elevates luxuriously soft carpet to an unprecedented level, and AirO, a patented recycled polyester technology that produces a unique, more elegant soft flooring product that is installed in half the time. During the period, our commercial business grew faster than residential as a result of our investments in products and sales last year. Our hard surface sales, including LVT, laminate, wood and vinyl, continued their dramatic expansion. Our LVT plant made significant improvements during the period, and we are installing another production line that will double our U.S. capacity by the end of this year. We are introducing SolidTech, a new rigid product, to complement our existing flexible LVT collections. Our premium laminate products with realistic visuals and proprietary water resistance continue to outperform the market. We are introducing more refined visuals and longer planks that replicate solid wood from our new engineered wood plant.

"For the quarter, our Flooring Rest of the World Segment's sales increased 14%, and operating income grew 41% as reported. Legacy sales rose 7% on a constant currency basis, and adjusted operating income increased 20% to a 17% margin. Our sales growth in the period was led by LVT, laminate and insulation products. Both our sheet vinyl and wood sales were hampered by prior manufacturing disruptions, which we have overcome. Our segment margins increased due to improved mix, the success of our new introductions and price increases, which offset cost inflation and currency changes. To maximize LVT production, we have implemented numerous operational improvements that increased our throughput and reduced our manufacturing costs. We continue to invest in sales and marketing to expand the distribution of our LVT products in anticipation of our capacity increasing this year. In laminate, we continue to grow our sales and margins through design and performance innovation. Sales of our insulation products increased significantly as we realigned the management and sales strategies of our acquired and legacy businesses. We are initiating the sale of carpet tile products in Europe to establish distribution that will support a new carpet tile plant that we are building in Belgium this year. We have approved a new sheet vinyl plant in Russia adjacent to our ceramic facility that will be operational next year.

"In January, we entered into an agreement to acquire a ceramic company in Italy located near our existing facilities. We anticipate product, sales and manufacturing synergies that will enhance our cost position and strengthen our combined brands and distribution.

"Today, Mohawk is in the best position in the company's history. In 2016, we delivered record results as our investment strategy to enhance our product innovation, brands and service continued to benefit our customers and provide the returns we expected. In 2017, we anticipate sales to grow similarly to last year on a local basis with operating margins improving slightly, excluding acquisitions and intellectual property. This year we will absorb about $45 million in start-up manufacturing and related marketing expenses in addition to other cost inflation. Across the enterprise, we are investing to increase our sales growth by expanding our capacity, broadening our product portfolio and entering new markets. Even with the considerable investments we have made since 2013, our financial leverage is historically low at 1.4x EBITDA. We believe there are potential acquisitions in our current markets and product categories as well as opportunities in new geographies and complementary products. Our organization and balance sheet can support significant additional investments to increase our business and enhance shareholder value. Taking all of this into account, our EPS guidance for the first quarter of 2017 is $2.64 to $2.73, which represents an 11% to 15% increase over first quarter 2016."

ABOUT MOHAWK INDUSTRIES

Mohawk Industries is the leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world. Mohawk's vertically integrated manufacturing and distribution processes provide competitive advantages in the production of carpet, rugs, ceramic tile, laminate, wood, stone and vinyl flooring. Our industry-leading innovation has yielded products and technologies that differentiate our brands in the marketplace and satisfy all remodeling and new construction requirements. Our brands are among the most recognized in the industry and include American Olean, Daltile, Durkan, IVC, Karastan, Marazzi, Mohawk, Mohawk Group, Pergo, Quick-Step and Unilin. During the past decade, Mohawk has transformed its business from an American carpet manufacturer into the world's largest flooring company with operations in Australia, Brazil, Canada, Europe, India, Malaysia, Mexico, New Zealand, Russia and the United States.

Certain of the statements in the immediately preceding paragraphs, particularly anticipating future performance, business prospects, growth and operating strategies and similar matters and those that include the words "could," "should," "believes," "anticipates," "expects," and "estimates," or similar expressions constitute "forward-looking statements." For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ: changes in economic or industry conditions; competition; inflation and deflation in raw material prices and other input costs; inflation and deflation in consumer markets; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company's products; impairment charges; integration of acquisitions; international operations; introduction of new products; rationalization of operations; tax, product and other claims; litigation; and other risks identified in Mohawk's SEC reports and public announcements.

Conference call Friday, February 10, 2017, at 11:00 AM Eastern Time

The telephone number is 1-800-603-9255 for US/Canada and 1-706-634-2294 for International/Local. Conference ID # 50983195. A replay will be available until Friday, March 10, 2017, by dialing 855-859-2056 for US/local calls and 404-537-3406 for International/Local calls and entering Conference ID # 50983195.


MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES

(Unaudited)

Consolidated Statement of Operations Three Months Ended Twelve Months Ended
------------------ -------------------

(Amounts in thousands, except per share data) December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
----------------- ----------------- ----------------- -----------------


Net sales $2,182,566 1,997,997 8,959,087 8,071,563

Cost of sales 1,491,567 1,375,787 6,146,262 5,660,877
------------- --------- --------- ---------

Gross profit 690,999 622,210 2,812,825 2,410,686

Selling, general and administrative expenses 385,727 372,968 1,532,882 1,573,120
-------------------------------------------- ------- --------- ---------

Operating income 305,272 249,242 1,279,943 837,566

Interest expense 8,485 18,480 40,547 71,086

Other expense (income), net (3,190) 11,525 (1,729) 17,619
--------------------------- ------ ------ ------

Earnings before income taxes 299,977 219,237 1,241,125 748,861

Income tax expense 65,469 27,232 307,559 131,875
------------------ ------ ------ ------- -------

Net earnings including noncontrolling interest 234,508 192,005 933,566 616,986

Net earnings attributable to noncontrolling interest 760 446 3,204 1,684
---------------------------------------------------- --- --- ----- -----

Net earnings attributable to Mohawk Industries, Inc. $233,748 191,559 930,362 615,302
---------------------------------------------------- -------- ------- ------- -------


Basic earnings per share attributable to Mohawk Industries, Inc.

Basic earnings per share attributable to Mohawk Industries, Inc. $3.15 2.59 12.55 8.37
---------------------------------------------------------------- ----- ---- ----- ----

Weighted-average common shares outstanding - basic 74,164 73,924 74,104 73,516
-------------------------------------------------- ------ ------ ------ ------


Diluted earnings per share attributable to Mohawk Industries, Inc.

Diluted earnings per share attributable to Mohawk Industries, Inc. $3.13 2.57 12.48 8.31
------------------------------------------------------------------ ----- ---- ----- ----

Weighted-average common shares outstanding - diluted 74,638 74,475 74,568 74,043
---------------------------------------------------- ------ ------ ------ ------




Other Financial Information

(Amounts in thousands)

Depreciation and amortization $104,379 94,025 409,467 362,647
----------------------------- -------- ------ ------- -------

Capital expenditures $211,365 151,587 672,125 503,657
-------------------- -------- ------- ------- -------


Consolidated Balance Sheet Data

(Amounts in thousands)

December 31, 2016 December 31, 2015
----------------- -----------------

ASSETS

Current assets:

Cash and cash equivalents $121,665 81,692

Receivables, net 1,376,151 1,257,505

Inventories 1,675,751 1,607,256

Prepaid expenses and other current assets 297,945 303,519
-----------------------------------------

Total current assets 3,471,512 3,249,972

Property, plant and equipment, net 3,370,348 3,147,118

Goodwill 2,274,426 2,293,365

Intangible assets, net 834,606 936,541

Deferred income taxes and other non-current assets 279,704 307,404
--------------------------------------------------

Total assets $10,230,596 9,934,400
------------ ----------- ---------

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt and commercial paper $1,382,738 2,003,003

Accounts payable and accrued expenses 1,335,582 1,256,025
------------------------------------- --------- ---------

Total current liabilities 2,718,320 3,259,028

Long-term debt, less current portion 1,128,747 1,188,964

Deferred income taxes and other long-term liabilities 576,346 603,593
----------------------------------------------------- ------- -------

Total liabilities 4,423,413 5,051,585
----------------- --------- ---------

Redeemable noncontrolling interest 23,696 21,952
---------------------------------- ------ ------

Total stockholders' equity 5,783,487 4,860,863
-------------------------- --------- ---------

Total liabilities and stockholders' equity $10,230,596 9,934,400
------------------------------------------ ----------- ---------


Segment Information Three Months Ended As of or for the Twelve Months Ended
------------------ ------------------------------------

(Amounts in thousands) December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
----------------- ----------------- ----------------- -----------------


Net sales:

Global Ceramic $749,146 711,691 3,174,706 3,012,859

Flooring NA 970,136 879,765 3,865,746 3,602,112

Flooring ROW 463,284 406,508 1,918,635 1,456,898

Intersegment sales - 33 - (306)
------------------ --- --- --- ----

Consolidated net sales $2,182,566 1,997,997 8,959,087 8,071,563
---------------------- ---------- --------- --------- ---------


Operating income (loss):

Global Ceramic $102,080 87,583 478,448 414,154

Flooring NA 140,311 118,410 505,115 264,271

Flooring ROW 70,735 50,206 333,091 203,370

Corporate and eliminations (7,854) (6,957) (36,711) (44,229)
-------------------------- ------ ------ ------- -------

Consolidated operating income $305,272 249,242 1,279,943 837,566
----------------------------- -------- ------- --------- -------


Assets:

Global Ceramic $4,024,859 3,846,133

Flooring NA 3,410,856 3,164,525

Flooring ROW 2,689,592 2,805,246

Corporate and eliminations 105,289 118,496
------- -------

Consolidated assets $10,230,596 9,934,400
------------------- ----------- ---------






Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.

(Amounts in thousands, except per share data)

Three Months Ended Twelve Months Ended
------------------ -------------------

December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
----------------- ----------------- ----------------- -----------------

Net earnings attributable to Mohawk Industries, Inc. $233,748 191,559 930,362 615,302

Adjusting items:

Restructuring, acquisition and integration-related and other costs 16,214 30,820 60,523 74,604

Acquisitions purchase accounting (inventory step-up) - 21 - 13,337

Legal settlement and reserves - (2,520) (90,000) 124,480

Release of indemnification asset 3,004 11,180 5,371 11,180

Tradename impairment - - 47,905 -

Deferred loan costs - - - 651

Income taxes - reversal of uncertain tax position (3,004) (11,180) (5,371) (11,180)

Income taxes (6,678) (9,889) (8,443) (72,872)
------------ ------ ------ ------ -------

Adjusted net earnings attributable to Mohawk Industries, Inc. $243,284 209,991 940,347 755,502
------------------------------------------------------------- -------- ------- ------- -------


Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. $3.26 2.82 12.61 10.20

Weighted-average common shares outstanding - diluted 74,638 74,475 74,568 74,043




Reconciliation of Total Debt to Net Debt

(Amounts in thousands)

December 31, 2016
-----------------

Current portion of long-term debt and commercial paper $1,382,738

Long-term debt, less current portion 1,128,747

Less: Cash and cash equivalents 121,665

Net Debt $2,389,820
-------- ----------


Reconciliation of Operating Income to Adjusted EBITDA

(Amounts in thousands) Trailing Twelve

Three Months Ended Months Ended
------------------ ------------

April 2, 2016 July 2, 2016 October 1, 2016 December 31, 2016 December 31, 2016
------------- ------------ --------------- ----------------- -----------------

Operating income $245,672 350,692 378,307 305,272 1,279,943

Other (expense) income (3,429) 5,807 (3,839) 3,190 1,729

Net (earnings) loss attributable to non-controlling interest (569) (926) (949) (760) (3,204)

Depreciation and amortization 100,194 101,215 103,680 104,379 409,468
----------------------------- ------- ------- ------- ------- -------

EBITDA 341,868 456,788 477,199 412,081 1,687,936

Restructuring, acquisition and integration-related and other costs 7,718 6,020 30,572 16,214 60,524

Acquisitions purchase accounting (inventory step-up) - - - - -

Legal settlement and reserves - - (90,000) - (90,000)

Release of indemnification asset - - 2,368 3,004 5,372

Tradename impairment - - 47,905 - 47,905

Adjusted EBITDA $349,586 462,808 468,044 431,299 1,711,737
--------------- -------- ------- ------- ------- ---------


Net Debt to Adjusted EBITDA 1.4
--------------------------- ---





Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and Constant Shipping Days Excluding Acquisition Volume

(Amounts in thousands)

Three Months Ended Twelve Months Ended
------------------ -------------------

December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
----------------- ----------------- ----------------- -----------------

Net sales $2,182,566 1,997,997 8,959,087 8,071,563

Adjustment to net sales on constant shipping days (23,872) - - -

Adjustment to net sales on a constant exchange rate 16,731 - 68,962 -
--------------------------------------------------- ------ --- ------ ---

Net sales on a constant exchange rate and constant shipping days 2,175,425 1,997,997 9,028,049 8,071,563

Less: impact of acquisition volume (38,436) - (509,172) -
------- --- -------- ---

Net sales on a constant exchange rate and constant shipping days excluding acquisition volume $2,136,989 1,997,997 8,518,877 8,071,563
--------------------------------------------------------------------------------------------- ---------- --------- --------- ---------




Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and Constant Shipping Days

(Amounts in thousands)

Three Months Ended
------------------

Global Ceramic December 31, 2016 December 31, 2015
----------------- -----------------

Net sales $749,146 711,691

Adjustment to net sales on constant shipping days (8,224) -

Adjustment to segment net sales on a constant exchange rate 5,134 -
----------------------------------------------------------- ---

Segment net sales on a constant exchange rate and constant shipping days $746,056 711,691
------------------------------------------------------------------------ -------- -------




Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days

(Amounts in thousands)

Three Months Ended
------------------

Flooring NA December 31, 2016 December 31, 2015
----------------- -----------------

Net sales $970,136 879,765

Adjustment to net sales on constant shipping days (15,647) -
-------------------------------------------------- ------- ---

Segment net sales on constant shipping days $954,489 879,765
------------------------------------------- -------- -------




Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and Constant Shipping Days Excluding Acquisition Volume

(Amounts in thousands)

Three Months Ended
------------------

Flooring ROW December 31, 2016 December 31, 2015
----------------- -----------------

Net sales $463,284 406,508

Adjustment to net sales on constant shipping days - -

Adjustment to segment net sales on a constant exchange rate 11,597 -
----------------------------------------------------------- ------ ---

Segment net sales on a constant exchange rate and constant shipping days 474,881 406,508

Less: impact of acquisition volume (38,436) -

Segment net sales on a constant exchange rate and constant shipping days excluding acquisition volume $436,445 406,508
----------------------------------------------------------------------------------------------------- -------- -------




Reconciliation of Gross Profit to Adjusted Gross Profit, excluding acquisition impact

(Amounts in thousands)

Three Months Ended
------------------

December 31, 2016 December 31, 2015
----------------- -----------------

Gross Profit $690,999 622,210

Adjustments to gross profit:


Restructuring, acquisition and integration-related and other costs 12,218 15,945

Acquisitions purchase accounting (inventory step-up) - 21
--------------------------------------------------- --- ---

Adjusted gross profit 703,217 638,176

Less: Impact of acquisition (7,650) 0
--------------------------- ------ ---

Adjusted gross profit excluding acquisition impact $695,567 638,176
-------------------------------------------------- -------- -------




Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses

(Amounts in thousands)

Three Months Ended
------------------

December 31, 2016 December 31, 2015
----------------- -----------------

Selling, general and administrative expenses $385,727 372,968

Adjustments to selling, general and administrative expenses:

Restructuring, acquisition and integration-related and other costs (3,996) (14,875)

Legal settlement and reserves - 2,520

Adjusted selling, general and administrative expenses $381,731 360,613
----------------------------------------------------- -------- -------



Reconciliation of Operating Income to Adjusted Operating Income on a Constant Exchange Rate

(Amounts in thousands)

Three Months Ended Twelve Months Ended
------------------ -------------------

December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
----------------- ----------------- ----------------- -----------------

Operating income $305,272 249,242 1,279,943 837,566

Adjustments to operating income:

Restructuring, acquisition and integration-related and other costs 16,214 30,820 59,847 74,604

Legal settlement and reserves - (2,520) (90,000) 124,480

Tradename impairment - - 47,905 -

Acquisitions purchase accounting (inventory step-up) - 21 - 13,337
--------------------------------------------------- --- --- --- ------

Adjusted operating income 321,486 277,563 1,297,695 1,049,987

Adjustment to operating income on a constant exchange rate 5,080 - 19,248 -

Adjusted operating income on constant exchange rate $326,566 277,563 1,316,943 1,049,987
--------------------------------------------------- -------- ------- --------- ---------



Reconciliation of Segment Operating Income to Adjusted Segment Operating Income

(Amounts in thousands)

Three Months Ended
------------------

Global Ceramic December 31, 2016 December 31, 2015
-------------- ----------------- -----------------

Operating income $102,080 87,583

Adjustments to segment operating income:

Restructuring, acquisition and integration-related and other costs 1,303 4,872

Adjusted segment operating income $103,383 92,455
--------------------------------- -------- ------


Reconciliation of Segment Operating Income to Adjusted Segment Operating Income

(Amounts in thousands)

Three Months Ended
------------------

Flooring NA December 31, 2016 December 31, 2015
----------- ----------------- -----------------

Operating income $140,311 118,410

Adjustments to segment operating income:

Legal settlement and reserves - (2,520)

Restructuring, acquisition and integration-related and other costs 5,826 8,852

Adjusted segment operating income $146,137 124,742
--------------------------------- -------- -------





Reconciliation of Segment Operating Income to Adjusted Segment Operating Income

(Amounts in thousands)

Three Months Ended
------------------

Flooring ROW December 31, 2016 December 31, 2015
------------ ----------------- -----------------

Operating income $70,735 50,206

Adjustments to segment operating income:

Restructuring, acquisition and integration-related and other costs 8,903 16,254

Acquisitions purchase accounting (inventory step-up) - 21
--------------------------------------------------- --- ---

Adjusted segment operating income $79,638 66,481
--------------------------------- ------- ------




Free Cash Flow



(Amounts in thousands)

Twelve Months Ended
-------------------

December 31, 2016 December 31, 2015
----------------- -----------------

Net cash provided by (used in) operating activities 1,327,553 911,873

Less: Capital expenditures 672,125 503,657
-------------------------- ------- -------

Free cash flow $655,428 408,216
-------------- -------- -------



Reconciliation of Earnings incl Noncontrolling Interests Before Income Taxes to Adjusted Earnings incl Noncontrolling Interests Before Income Taxes

(Amounts in thousands)

Three Months Ended
------------------

December 31, 2016 December 31, 2015
----------------- -----------------

Earnings before income taxes $299,977 219,237

Noncontrolling interests (760) (446)

Adjustments to earnings including noncontrolling interests before income taxes:

Restructuring, acquisition and integration-related & other costs 16,214 30,820

Acquisitions purchase accounting (inventory step-up) - 21

Legal settlement and reserves - (2,520)

Release of indemnification asset 3,004 11,180

Adjusted earnings including noncontrolling interests before income taxes $318,435 258,292
------------------------------------------------------------------------ -------- -------



Reconciliation of Income Tax Expense to Adjusted Income Tax Expense

(Amounts in thousands)

Three Months Ended
------------------

December 31, 2016 December 31, 2015
----------------- -----------------

Income tax expense $65,469 27,232

Income taxes - reversal of uncertain tax position 3,004 11,180

Income tax effect of adjusting items 6,678 9,889
----- -----

Adjusted income tax expense $75,151 48,301
--------------------------- ------- ------


Adjusted income tax rate 23.6% 18.7%
------------------------ ---- ----






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Mohawk Industries, Inc.


CONTACT: Frank H. Boykin, Chief Financial Officer (706) 624-2695


Web site: http://www.mohawkind.com/

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