NEW YORK (AP) -- Mohawk Industries is buying laminate flooring maker Pergo for $150 million in cash.
Chairman and CEO Jeffrey Lorberbaum said in a statement Monday that the acquisition will complement Mohawk's specialty distribution network and enhance its geographic position.
Mohawk, which is based in Calhoun, Ga., supplies flooring for residential and commercial applications.
Pergo had 2011 sales of about $320 million in the U.S. and Europe.
The deal is expected to add to Mohawk Industries Inc.'s results in the first year.
The buyout is expected to close no later than 2013's first quarter.