Lancaster, PA (May 8, 2017 ) Armstrong Flooring has signed a definitive asset purchase agreement to acquire the vinyl composition tile (VCT) business of Mannington Mills, a nationally recognized hard surface flooring company, for a purchase price of $36 million. The transaction, which is subject to customary closing conditions, is expected to close during the second quarter of 2017. Armstrong Flooring intends to use its existing plant and distribution networks to accommodate the increase in VCT volume to drive top and bottom line benefits through increased scale and capacity utilization.
VCT is a significant category within the hard surface flooring industry. VCT products are widely used in commercial end-markets, especially in educational facilities and mass merchants, as it offers durability and numerous design options at attractive price-points.
“I am pleased to announce this transaction. We have a strong history and deep expertise in VCT which makes this acquisition consistent with our strategy to support our legacy product lines while simultaneously investing in innovation and new growth initiatives,” said Don Maier, president and CEO, Armstrong Flooring.
Armstrong Flooring, Inc. (NYSE: AFI) is a global leader in the design and manufacture of innovative flooring solutions that inspire spaces where people live, work, learn, heal and play. Headquartered in Lancaster, Pa., Armstrong Flooring is the #1 manufacturer of resilient and wood flooring products across North America. The company safely and responsibly operates 17 manufacturing facilities in three countries and employs approximately 3,700 individuals, all working together to provide the highest levels of service, quality and innovation to ensure it remains as strong and vital as its 150-year heritage. Learn more at armstrong flooring.com