Flooring industry "at a cyclical low"
February 13, 2024
The UK and Europe is lagging in the recovery from a low point in the economic health of the flooring industry says Mohawk, the world's biggest supplier in the sector.
US-based Mohawk CEO Jeff Lorderbaum said the global flooring industry "is at a cyclical low" in announcing the group's full year results for 2023 to investors.
"We anticipate Europe to lag given geopolitical risks and energy prices. U.S. and Latin American markets should improve sooner," he said. The group says it has "an expectation of improved results in second half of 2024."
The group's full year global sales for 2023 were down over 5% to $11.14 billion and fell 6.7% to $3 billion in their "Rest of the World" division which includes Europe and the UK.
Mohawk is a major supplier to the UK and best known here for brands including Unilin, IVC, Quick-Step, Moduleo, Leoline and Pergo.
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