Sale of Vitromex Boosts Grupo Industrial Saltillo
- Grupo Industrial Saltillo (GIS) stocks rose 9.62% after selling their Vitromex business to Mohawk Industries for $293 million.
Grupo Industrial Saltillo (GIS) shares rebounded 9.62% in Friday's session on the Mexican Stock Exchange (BMV), to 22.91 pesos, after announcing the agreement reached to sell its coatings business, under the Vitromex brand, to Mohawk Industries, a U.S. flooring manufacturer. Mohawk Industries shares on the New York Stock Exchange fell slightly by 0.72 percent.
The Mexican company headed by Manuel Rivera revealed that the transaction amounts to 293 million dollars and comprises 100% of the shares of Vitromex USA and Manufacturas Vitromex, and the resources will be used for the acquisition of the Vitromex brand.
