Interface To Acquire Nora Systems - Quick Facts
(RTTNews.com) - Interface, Inc. ( TILE ) announced a definitive agreement to acquire nora systems in a stock purchase transaction valued at approximately $420 million. Nora, a global leader in performance flooring and worldwide share leader in the rubber flooring category, is a privately held company that is majority owned by investment firm Intermediate Capital Group.
Nora's annual revenues are approximately $280 million. The nora acquisition, when completed, is expected to be accretive to Interface's margins and adjusted earnings per share. Nora is anticipated to increase the company's adjusted EPS $0.03 to $0.06 in 2018, and $0.15 to $0.20 in 2019. Interface expects to close the transaction during the third quarter of 2018.
"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," said Jay Gould, CEO of Interface.
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