Daltile Mexico Comercial S de R.L. de C.V reached an agreement to acquire Vitromex USA, Inc. and Manufacturas Vitromex, S.A. de C.V. from Grupo Industrial Saltillo, S.A.B. de C.V. (BMV:GISSA A) for transaction value $293 million.
June 02, 2022
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Daltile Mexico Comercial S de R.L. de C.V reached an agreement to acquire Vitromex USA, Inc. and Manufacturas Vitromex, S.A. de C.V. from Grupo Industrial Saltillo, S.A.B. de C.V. (BMV:GISSA A) for transaction value $293 million on June 3, 2022. The transaction has been valued at $293 million dollars, amount subject to customary adjustments. In 2021, Vitromex generated revenues of approximately $204 million.
The transaction is subject to the approval of GIS's shareholders, as well as customary government approvals, competition authority approvals and closing conditions. As on February 17, 2023 Cofece Competition Regulator has approved the transaction. The transaction is expected to close in the second half of 2022.
The net proceeds will be used by the Company for corporate purposes. Seale & Associates, Inc. acted as financial advisor and Santamarina y Steta, S.C. acted as legal advisor to Grupo Industrial Saltillo, S.A.B. de C.V. (BMV:GISSA A). The Vitromex business is expected to be accretive to Mohawk's earnings.
As of February 21, 2023. It is currently under review by regulators in Mexico. Deal is expect that transaction will close in the first quarter of 2023.
Grupo Industrial Saltillo SAB de CV (GISSA) is a Mexico-based company. The Company operates through three business divisions: Iron Foundry division, which manufactures blocks and iron heads for diesel and gasoline engines; the Construction division, which produces residential and industrial water heaters through gas and solar energy power, and the Houseware division, which designs, manufactures and markets a variety of tableware and kitchenwear products, as well as a line of electronic appliances. The Company operates through a range of subsidiaries, such as Servicios de Produccion Saltillo SA de CV, Manufactura Vitromex SA de CV, Industria Automotriz Cifunsa SA de CV, Gis Holding Inc, Calentadores de America SA de CV, as well as Automotive Components Europe SA, among others.
Daltile Mexico Comercial S de R.L. de C.V reached an agreement to acquire Vitromex USA, Inc. and Manufacturas Vitromex, S.A. de C.V. from Grupo Industrial Saltillo, S.A.B. de C.V. (BMV: GISSA A) for transaction value $293 million.
GRUPO INDUSTRIAL SALTILLO, S.A.B. DE C.V. 
