Interface buys rubber flooring rival Nora in deal worth £314m
A US flooring specialist which employs 200 people in Co Armagh has acquired a rival company in a deal worth $420m (£314m).
Based in Atlanta, Georgia, Interface makes modular carpet at its factory at Silverwood outside Lurgan.
The new stock acquisition in Nora Systems, which makes rubber flooring, will expand the company's portfolio, giving it a larger stake in the healthcare and education sectors.
Nora, which is owned by investment firm Intermediate Capital Group, is considered the world's leading brand in the rubber flooring market, which is estimated to be worth around £1bn.
Selling into 80 countries, the company has annual revenues of around £210m. The deal is expected to be completed later this year, subject to regulatory approvals.
Chief executive Jay Gould said: "We believe our value creation strategy is working in the marketplace as we better serve our customers with an expanded product portfolio and an enhanced selling system.
"Customers want a single flooring solution provider that can deliver a range of options that meet their requirements in different commercial applications.
"The Nora acquisition is expected to accelerate our growth strategy by expanding our product portfolio and extending our reach in the performance flooring category of resilient flooring."
He added: "We believe the Nora team has put the right focus on design, sustainability, and performance of their products, which aligns with Interface's brand, purpose and values."