Over Christmas somebody made himself a nice gift with this purchase of an Italian world leader manufacturer...
"Founded and managed by Filippo Marazzi, Sr. and his family, the Marazzi Group has become a global leader in ceramic tile with worldwide brand recognition. Marazzi's product line features glazed ceramic, glazed porcelain, technical tile and color body porcelain. Marazzi introduced the single fire process that revolutionized the industry, making ceramic more accessible to a wider market. Technological innovations continue today with new introductions such as crystallized porcelain and single-fired thin tiles. Marazzi operates manufacturing facilities in Russia, the United States and Western Europe and employs around 6,300 people
Marazzi has the number one position in the Russian ceramic market, which is similar in size to the United States. Marazzi operates a unique model that optimizes its total supply chain from manufacturing to distribution to retail. Marazzi operates two manufacturing sites and 21 regional distribution centers. Marazzi owns and franchises more than 300 retail stores that carry only Marazzi products. About 50% of the Marazzi Russian business is sold directly to end users, and the retail advertising done by the stores has created a strong consumer brand. We expect to continue the growth in Russia by expanding company owned and franchised stores, other distribution channels and increasing our geographic reach.
The acquisition will make Mohawk the worldwide leader in ceramic tile."
Many will think that this brings an injection of fresh capitals to Italy, others may argue that it's just the wheels of globalization and industry consolidation spinning, some will speculate that this will help pay Marazzi's debts to suppliers and banks.
Did a prestigious family business cash in but sell out? Did somebody just buy a brand, a distribution network and an access to important developing markets? Will Italian jobs (in Italy) get cut and production facilities be relocated (oversea? over-mountains? over-what?)
And you? What do you think?