Armstrong World Industries Completes Sale of EMEA and Pacific Rim Business to Knauf
Armstrong World Industries, Inc. (the “Company” or “AWI”) announced that it has completed the sale to Knauf International GmbH (“Knauf”) of certain subsidiaries comprising the EMEA and Pacific Rim businesses of the Company, including the businesses of the WAVE joint venture in EMEA and the Pacific Rim, as well as Armstrong France and WAVE France.
The purchase price of $330 million is subject to customary post-closing adjustments. As previously disclosed, Knauf paid to AWI (i) $250 million of the purchase price on August 1, 2018, and (ii) $80 million of the purchase price on September 15, 2018. As part of the post-closing adjustment process, these purchase price payments will be credited against the total consideration payable at closing. The Company does not expect the net impact of post-closing adjustments to be material.
“We are pleased to have concluded the sale of our EMEA and Pacific Rim businesses,” said Vic Grizzle, CEO of AWI. “The closing of this transaction completes our pivot to an Americas-only business focused on the significant growth opportunities available to us through our investment and innovation in mineral fiber ceilings and expanding capabilities in the architectural specialty ceiling and walls categories.”
About Armstrong World Industries, Inc.
AWI is a global leader in the design, innovation and manufacture of commercial and residential ceiling, wall and suspension system solutions. For more information, visit www.armstrongceilings.com.
Source: Armstrong World Industries, Inc.