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LANCASTER, Pa., Nov. 20, 2020 (GLOBE NEWSWIRE) — Armstrong World Industries, Inc. (NYSE: AWI) as we speak introduced it has entered into an settlement to accumulate Arktura, LLC, a designer and fabricator of ceilings, partitions, partitions and facades primarily based in Los Angeles, California. Based and led by architects and designers, Arktura is a pacesetter in architectural specialty steel and felt options acknowledged for fusing ingenuity and creativity with forefront applied sciences and software program to ship visionary design.
“The Arktura team is widely celebrated for bridging the gap between creative intent and manufacturing capabilities to bring about exceptional ceiling and wall designs for any kind of space,” stated AWI CEO Vic Grizzle. “Consistent with our strategy to drive profitable growth, Arktura will help us reach a whole new level of design excellence, within both our architectural specialties and mineral fiber segments. We are excited about the possibilities ahead for our teams to collaborate and create innovative solutions that make a positive difference where we live, work, learn, heal and play.”
In reference to the transaction and topic to closing, AWI and Arktura additionally plan to kind and launch Arktura Ventures LLC, an incubator for exploring and accelerating new product, know-how and supplies options in structure, design, engineering and building, above and past their present core companies. Arktura Ventures is predicted to be co-managed and co-led by representatives from each organizations, with AWI sustaining majority possession and management. Arktura Ventures would complement AWI’s strategic progress initiatives, together with its digitalization, enterprise growth and sustainability platforms.
Arktura CEO Chris Kabatsi stated, “Kevin Kane, Rob Kilian and I look forward to completing the transaction and joining Armstrong. With our combined resources, we see the opportunity to redefine what is possible and create truly transformative products and systems in the architectural space for the pandemic environment and beyond. With Armstrong, we have found a company with an incredible history and management team, and we are thrilled to be embarking on this journey of innovation and sustainability with them.”
The transaction stays topic to customary closing situations, together with expiration of the ready interval beneath the Hart-Scott-Rodino Antitrust Enhancements Act of 1976, and is presently anticipated to shut previous to the tip of the calendar yr. Following closing, Arktura is predicted to change into a wholly-owned subsidiary of AWI and to retain its firm identify, model, organizational construction and worker base, whereas persevering with to promote by its present unbiased gross sales community, which has been integral to Arktura’s success and progress.
Arktura has projected 2020 revenues of roughly $37M. AWI expects to fund the acquisition with its revolving credit score facility and accessible cash.
About Armstrong World Industries
Armstrong World Industries, Inc. (AWI) is a pacesetter within the design and manufacture of modern business and residential ceiling, wall and suspension system options within the Americas. With over $1 billion in income in 2019, AWI has roughly 2,500 workers and a producing community of 14 services, plus 5 services devoted to its WAVE three way partnership.
Uncertainties Affecting Ahead-Wanting Statements
Disclosures on this launch and in our different public paperwork and feedback may include forward-looking statements throughout the that means of the Personal Securities Litigation Reform Act of 1995. These statements present our future expectations or forecasts and will be recognized by our use of phrases similar to “anticipate,” “estimate,” “count on,” “venture,” “intend,” “plan,” “consider,” “outlook,” “goal,” “predict,” “may,” “will,” “would,” “might,” “ought to,” “search,” and different phrases or phrases of comparable that means in reference to any dialogue of future working or monetary efficiency. Ahead-looking statements, by their nature, handle issues which can be unsure and contain dangers as a result of they relate to occasions and depend upon circumstances that may or may not happen sooner or later. In consequence, our precise outcomes may differ materially from our anticipated outcomes and from these expressed in our forward-looking statements. A extra detailed dialogue of the dangers and uncertainties that would trigger our precise outcomes to vary materially from these projected, anticipated or implied is included within the “Risk Factors” and “Management’s Discussion and Analysis” sections of our studies on Types 10-Okay and 10-Q filed with the U.S. Securities and Trade Fee. Ahead-looking statements converse solely as of the date they’re made. We don’t undertake or assume any obligation to replace or revise any forward-looking statements past what’s required beneath relevant securities legislation.
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