* Eyes share in world's largest ceramic tile market
* Sees "significant" market expansion opportunity
July 6 Flooring products maker Mohawk
Industries Inc (MHK.N) said it formed a joint venture with
China's Sanfi Ceramics through an equity investment, as it
plans to expand into the world's largest ceramic tile market.
In 2010, Mohawk expects its investment to slightly add to
earnings, excluding one-time accounting charges.
Ceramic tiles are estimated to make up 70 percent or more
of all flooring sold in China. The market, with anticipated
growth of 10 percent or more per year, is 25 times larger in
units than the U.S. ceramic tile market, Mohawk said.
The top 10 manufacturers in China, including Sanfi
Ceramics, only comprise about 10 percent of the market,
creating significant opportunity for expansion, Mohawk said.
Mohawk shares closed at $43.85 Tuesday on the New York
(Reporting by Bijoy Koyitty in Bangalore; Editing by Don