Laminate flooring maker Pergo, battered by the housing downturn, is being bought by a competitor, Mohawk Industries.

The $150 million cash deal, which requires regulatory approval, is expected to close within five months. Pergo is based in Sweden but has its North American headquarters in Raleigh and a manufacturing center in Garner.

It's not clear if Mohawk plans to continue the Pergo flooring line or maintain operations in North Carolina. Mohawk's CFO, Frank Boykin, did not return a phone call.

"The combination of the entities offers significant opportunities to optimize the assets of both companies while enhancing the design and product performance of both brands," Mohawk said in a statement.

Pergo employed 175 people a year ago but additional information was not available Monday. Pergo CFO Franz Wiest said all media queries are being forwarded to Pergo's office in Germany. 

Laminate flooring maker Pergo, hurt by the housing slump and increased competition, recently cut 16 jobs at its Triangle operations.

The layoffs reduced Pergo's workforce in Raleigh and Garner to about 175 people. The company doesn't expect to eliminate any more jobs, said Marc Kmec, Pergo's human resources director.

"We don't take these types of cuts lightly," he said. "We don't cut with a hairtrigger when there are slowdowns. But we're in the same circumstance as any company tied to consumer spending and the housing market."

Kmec declined to comment on financial results or how much Pergo's sales have dropped during the economic downturn.