Mohawk, a flooring manufacturer, agreed to acquire IVC Group, a manufacturer of luxury vinyl tiles, for $1.2bn. "There are many potential synergies between IVC and Mohawk in both Europe and the US Our greatest opportunities are in LVT, which has increased globally around 18% in the past year. IVC is the fastest growing manufacturer of LVT in Europe, and their manufacturing expertise will help start up our new Belgian LVT factory faster. This new plant will allow IVC to further expand their European sales. In the US, LVT now represents about 5% of the total flooring market, and sales are projected to grow more than 15% annually through the end of the decade. Their new LVT plant in Dalton, Ga. will be one of the world's largest, most efficient production lines with leading technology and will position us to meet the rapidly growing US market," Jeff Lorberbaum, Mohawk CEO.