Armstrong World Industries is continuing its aggressive divestiture program and announces completion of its Installation Products Group (IPG) to privately held Ardex Engineered Cements for $86 million in cash. The divestiture included shares of WW Henry, a flooring installation products manufacturer purchased by Armstrong in 1986.
Armstrong emphasized that its customers would continue to receive a full installation system of products and adhesives that would be sold under the Armstrong brand name even after the sale. Armstrong will have a strategic sourcing relationship with Ardex that will enable it to continue to develop high quality products and make them available to its customers. In addition to operating the three US manufacturing facilities of the former Armstrong IPG division, Ardex will also operate the R&D operations based in Lancaster, PA.
Based on a report from officeinsightTM
